Company registration number 11588659 (England and Wales)
WYNNE GROUP LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
WYNNE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr C C Wynne
Mr R Wynne
Mr D Wynne
Company number
11588659
Registered office
Charles House
Kimnel Park
Abergele Road
Bodelwyddan
Denbighshire
Nth Wales
LL18 5TY
Auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
WYNNE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 8
Independent auditor's report
9 - 12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Company statement of cash flows
19
Notes to the financial statements
20 - 33
WYNNE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Overview

The fiscal year ending 31st July 2024 marked another strong performance, with pre-tax profits rising to £2.3m (from £2.0m) and turnover increasing to £90.6m (from £71.1m). Managing Director Chris Wynne attributed the results to high-quality operations and staff, despite a challenging UK construction sector marked by inflation, labour shortages, and Brexit's long-term impact on workforce availability. This success highlights our operational excellence and the dedication of our team, despite a challenging economic environment.

 

Sector and Regional Challenges

Market conditions eased in 2023, and strategic progress positioned the company well for the next financial year. With an average daily cash surplus, decisions focused on sustainable growth. While the construction sector is projected to grow by 8% in 2024, driven by large-scale infrastructure projects like HS2, pressures from inflation, labour shortages, and financial constraints remain.

 

The 2024 budget introduced adjustments to employer National Insurance contributions, likely increasing costs and impacting project budgets already strained by rising material costs and tighter margins. Wales, in particular, has faced local authority budget constraints, delaying infrastructure projects, including school construction. While initiatives like the 21st Century Schools Programme provide some relief, councils often struggle to meet funding requirements, causing delays or scaling down of projects.

 

Across the UK, similar trends show that rising costs and austerity measures are squeezing local authority budgets. The outlook for 2025 depends on inflation management, government policies, and workforce development support. As a group we remain must focused on cost management and efficiency to maintain profitability.

 

Brexit continues to exacerbate skilled labour shortages, impacting project costs and timelines. The Construction Industry Training Board estimates an annual requirement of 45,000 new workers through 2027. Rising National Insurance contributions will increase employment costs, potentially deterring hiring and impact smaller firms.

 

Legislative Changes

The Building Safety Act 2022 is set to reshape the UK construction industry from 2025 onward. Stricter safety standards and extended liability will raise operational costs, including insurance premiums. Contractors, particularly small firms, may face increased financial burdens.

 

Meeting the Act’s requirements will require specialised skills, training, and new roles such as Building Safety Managers. Regulatory compliance will also demand investment in digital tools and safety management expertise.

 

The Act's emphasis on safety standards and extended liability will likely lead to increased costs, especially for smaller contractors. Professional indemnity insurance premiums for high-risk projects are expected to rise, straining contractors already operating with tight margins.

WYNNE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Transformative investments

Over the past year, Wynne Construction has made transformative strides, including enhanced IT infrastructure for better financial control and streamlined project management, benefiting clients with improved service. New office facilities with modern management suites and state-of-the-art meeting spaces enhance internal and client interactions. In line with our sustainability goals, we’ve increased our renewable energy investments by adding solar panels, hybrid vehicles, and eco-friendly office practices, reflecting our commitment to an environmentally responsible future.

 

By integrating advanced construction methods, digital tools, and data-driven practices, we aim to elevate standards in efficiency, quality, and sustainability, aligning with client goals such as carbon reduction. This commitment to innovation and quality has helped cement Wynne Construction’s reputation as a reliable and forward-thinking partner.

 

Strategic Direction, Innovation and Expansion

With a robust balance sheet and a forward-thinking strategy, Wynne Construction is well-positioned for sustainable, disciplined growth. We are focused on long-term client relationships and regionally focused operations, with 60% of our current turnover derived from framework agreements. These partnerships offer clients efficient procurement while supporting our growth with stable, recurring work. Our strategic expansion into England allows us to diversify our portfolio with projects addressing housing, extra care facilities, and other high-impact developments. Through these initiatives, we aim to deliver positive social outcomes and foster sustainable communities across a broader geographic area.

 

Innovation remains at the core of operations. Advanced construction methods and data-driven tools are raising standards in quality, efficiency, and sustainability, helping clients achieve carbon reduction goals.

WYNNE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Sustainability and ESG Goals

As 2025 approaches, sustainability efforts focus on six areas:

 

 

The group is dedicated to decarbonising operations, embedding social value, and adhering to ESG principles to meet stakeholder expectations.

 

Our Carbon Reduction Plan and initiatives like renewable energy sourcing, hybrid fleet additions, and green site policies align with our commitment to a greener construction industry and our goal to achieve net-zero emissions by 2040. By embedding social and environmental values into our operations, we are committed to creating positive impacts for our clients, partners, and communities.

 

In collaboration with Welsh Government initiatives, we align our practices with regional policies, balancing growth with responsible governance. Our proactive ESG approach positions us as leaders in sustainable construction, with ISO 19650 BIM Level 2 accreditation underscoring our commitment to quality and client satisfaction.

 

Workforce Development and Supply Chain Collaboration

Our team is our most valuable asset, and talent development is at the core of our strategy. Through apprenticeships and educational initiatives, we’re committed to nurturing a skilled and dedicated workforce. In FY24, over 160 apprentices participated in our training programs, representing 4.1% of our workforce. Our Supply Chain Development Program aligns our partners with our values, providing them with training and insights to enhance efficiency, innovation, and growth. By adhering to the Prompt Payment Code, we strengthen trust within our supply chain, reflecting our commitment to sustainable business practices.

 

Health and Safety

Health and safety investments protect employees and elevate project quality. Our commitment to workplace safety is underscored by the introduction of new health and safety initiatives, including advanced risk assessment protocols, enhanced PPE provisions, and digital monitoring tools to ensure compliance. Comprehensive and ongoing training programs prepare our workforce for evolving challenges, while fostering a culture of safety-first thinking. These efforts not only maintain but continuously improve our industry-leading safety record, ensuring a secure and productive environment for all.

 

Creating Social Value and Inclusivity

Our commitment to social value is deeply embedded in our culture, focusing on local employment, workforce development, and community support. We actively promote diversity and inclusion, extending opportunities to young people and those facing long-term unemployment. By fostering a culture of inclusivity, we enhance both our organisation and the communities we serve.

WYNNE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Key performance indicators

Group revenue has increased year-on-year, with net reserves and cash in the bank seeing notable growth. Despite the challenges of inflation and external economic pressures, our performance demonstrates resilience and stability.

 

Looking ahead our year-end order book has grown to £72 million, reflecting the strength of our project pipeline and consistent new contract wins. However, I am not complacent and the construction sector in Wales faces a mix of challenges, including rising material costs, inflation, and increased demand for modern methods of construction (MMC). Legislative changes like the Building Safety Act 2022 will reshape industry standards. By embracing innovative construction methods, committing to sustainability, and investing in workforce development, Wynne Construction is well-prepared to navigate these challenges and create a forward-thinking industry for future generations.

 

In summary, our vision is clear: to establish a legacy of innovation, responsibility, and collaboration that will contribute to a sustainable, resilient construction sector in Wales and beyond.

Section 172(1) Statement

The directors, in accordance with Section 172(1) of the Companies Act 2006, have acted to promote the long-term success of the company while considering stakeholder interests. This statement highlights how these considerations influenced decisions and strategies during the financial year.

 

Promoting Long-Term Success

The company focused on sustainable growth and operational excellence by investing in IT infrastructure, renewable energy, and hybrid vehicles. These efforts enhanced efficiency, reduced environmental impact, and aligned with stakeholder expectations for decarbonisation and long-term resilience. Geographic expansion into England diversified markets, strengthened the business’s foundation, and captured growth opportunities while maintaining high standards.

Stakeholder Engagement

Employees: Workforce development remained a priority, with investments in training and apprenticeship programmes to address skills gaps and ensure readiness for future challenges.

Clients: Long-term frameworks and partnerships fostered trust and collaboration, strengthening the pipeline of high-quality, profitable work while helping clients achieve their sustainability goals.

Suppliers: The group’s Supply Chain Development Program aligned partners with its values, promoting innovation and efficiency. Adherence to the Prompt Payment Code reinforced ethical practices and long-term trust.

Community: Engagement efforts included training, inclusivity initiatives, and local projects addressing societal needs like affordable housing and care facilities, demonstrating the company’s commitment to social value.

ESG as a Strategic Priority

The board prioritised Environmental, Social, and Governance (ESG) principles, reflected in decisions such as:

 

Managing Challenges

In a year marked by inflation, labour shortages, and legislative changes, the group took strategic actions to mitigate risks and remain resilient:

WYNNE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
Conclusion

The board’s decisions balanced immediate operational needs with long-term goals, fostering sustainable growth and positive stakeholder relationships. These efforts ensure the company remains a trusted, forward-thinking partner, poised for continued success in a challenging industry landscape.

On behalf of the board

Mr C C Wynne
Director
27 December 2024
WYNNE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 6 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the group continued to be that of contracting, delivering a range of projects to both the public and private sector clients through traditional as well as design and build procurement routes.

Results and dividends

The results for the year are set out on page 13.

Ordinary dividends were paid amounting to £250,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C C Wynne
Mr R Wynne
Mr D Wynne
Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
402,291
302,665
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
0.93
0.89
- Fuel consumed for owned transport
113.85
133.55
114.78
134.44
Scope 2 - indirect emissions
- Electricity purchased
114.10
80.27
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
22.58
30.58
Total gross emissions
251.46
245.29
Intensity ratio
Tonnes CO2e per £M revenue
68.24
75.28
WYNNE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
Quantification and reporting methodology

The group has followed the 2023 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £M revenue, the recommended ratio for the sector.

Measures taken to improve energy efficiency

As part of our commitment to reaching net zero, Wynne Construction has implemented the following systems and technologies:

 

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WYNNE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr C C Wynne
Director
27 December 2024
WYNNE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WYNNE GROUP LIMITED
- 9 -
Opinion

We have audited the financial statements of Wynne Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 contained within the annual report. 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. 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 course of 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 our audit:

WYNNE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYNNE GROUP LIMITED
- 10 -
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 their 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:

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 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 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.

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

WYNNE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYNNE GROUP LIMITED
- 11 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

the nature of the industry and sector, control environment and business performance;

 

the group’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

 

the results of our enquiries of management and directors of their own identification and assessment of the risks of irregularities;

 

any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:

 

• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

 

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

 

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

 

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the group's Statement of Comprehensive Income and (ii) the group's accounting policy for revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Employment Laws such as National Minimum Wage Act, Employment Rights Act and the Health and Safety at Work Act.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection.

WYNNE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYNNE GROUP LIMITED
- 12 -
Audit response to risks identified

As a result of performing the above, we identified revenue recognition and work in progress as the key audit matters related to the potential risk of fraud.

 

Our procedures to respond to risks identified included the following:

 

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

 

enquiring of management and directors concerning actual and potential litigation and claims;

 

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

 

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Robert Hall
For and on behalf of
27 December 2024
Mitchell Charlesworth (Audit) Limited
Accountants
Statutory Auditor
24 Nicholas Street
Chester
CH1 2AU
WYNNE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2024
2023
Notes
£
£
Turnover
3
90,632,561
71,142,326
Cost of sales
(86,739,961)
(68,228,695)
Gross profit
3,892,600
2,913,631
Administrative expenses
(1,890,679)
(979,343)
Other operating income
147,705
80,212
Operating profit
4
2,149,626
2,014,500
Interest receivable and similar income
7
449,608
107,082
Interest payable and similar expenses
8
(36)
-
0
Amounts written off investments
9
388,323
-
Profit before taxation
2,987,521
2,121,582
Tax on profit
10
(740,875)
(442,740)
Profit for the financial year
22
2,246,646
1,678,842
Profit for the financial year is attributable to:
- Owners of the parent company
2,246,495
1,678,712
- Non-controlling interests
151
130
2,246,646
1,678,842
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,246,495
1,678,712
- Non-controlling interests
151
130
2,246,646
1,678,842
WYNNE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
585,590
548,486
Investment property
13
3,120,000
1,945,927
3,705,590
2,494,413
Current assets
Stocks
16
225,435
1,794,134
Debtors falling due after more than one year
17
2,951,982
1,244,641
Debtors falling due within one year
17
7,164,610
7,711,164
Cash at bank and in hand
22,911,615
17,725,460
33,253,642
28,475,399
Creditors: amounts falling due within one year
18
(24,382,947)
(20,474,624)
Net current assets
8,870,695
8,000,775
Total assets less current liabilities
12,576,285
10,495,188
Provisions for liabilities
Deferred tax liability
19
166,633
82,182
(166,633)
(82,182)
Net assets
12,409,652
10,413,006
Capital and reserves
Called up share capital
21
225
225
Other reserves
7,830,152
7,830,152
Profit and loss reserves
22
4,578,725
2,582,230
Equity attributable to owners of the parent company
12,409,102
10,412,607
Non-controlling interests
550
399
12,409,652
10,413,006
The financial statements were approved by the board of directors and authorised for issue on 27 December 2024 and are signed on its behalf by:
27 December 2024
Mr C C  Wynne
Director
Company registration number 11588659 (England and Wales)
WYNNE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
1,325
1,325
Current assets
Debtors
17
2,573,161
2,161,761
Cash at bank and in hand
3,786,122
4,089,014
6,359,283
6,250,775
Creditors: amounts falling due within one year
18
(40,780)
(20,098)
Net current assets
6,318,503
6,230,677
Net assets
6,319,828
6,232,002
Capital and reserves
Called up share capital
21
225
225
Profit and loss reserves
22
6,319,603
6,231,777
Total equity
6,319,828
6,232,002

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £337,826 (2023 - £282,141 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 December 2024 and are signed on its behalf by:
27 December 2024
Mr C C  Wynne
Director
Company registration number 11588659 (England and Wales)
WYNNE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 August 2022
225
7,830,152
1,150,839
8,981,216
269
8,981,485
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
1,678,712
1,678,712
130
1,678,842
Dividends
11
-
-
(247,321)
(247,321)
-
(247,321)
Balance at 31 July 2023
225
7,830,152
2,582,230
10,412,607
399
10,413,006
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
2,246,495
2,246,495
151
2,246,646
Dividends
11
-
-
(250,000)
(250,000)
-
(250,000)
Balance at 31 July 2024
225
7,830,152
4,578,725
12,409,102
550
12,409,652
WYNNE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
225
6,196,957
6,197,182
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
282,141
282,141
Dividends
11
-
(247,321)
(247,321)
Balance at 31 July 2023
225
6,231,777
6,232,002
Year ended 31 July 2024:
Profit and total comprehensive income
-
337,826
337,826
Dividends
11
-
(250,000)
(250,000)
Balance at 31 July 2024
225
6,319,603
6,319,828
WYNNE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
6,335,282
6,730,469
Interest paid
(36)
-
0
Income taxes paid
(364,084)
(256,353)
Net cash inflow from operating activities
5,971,162
6,474,116
Investing activities
Purchase of tangible fixed assets
(201,314)
(341,776)
Proceeds from disposal of tangible fixed assets
2,449
31,750
Purchase of investment property
(785,750)
-
Interest received
449,608
107,082
Net cash used in investing activities
(535,007)
(202,944)
Financing activities
Dividends paid to equity shareholders
(250,000)
(247,321)
Net cash used in financing activities
(250,000)
(247,321)
Net increase in cash and cash equivalents
5,186,155
6,023,851
Cash and cash equivalents at beginning of year
17,725,460
11,701,609
Cash and cash equivalents at end of year
22,911,615
17,725,460
WYNNE GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(419,691)
(287,363)
Interest paid
(36)
-
0
Income taxes paid
(9,010)
-
0
Net cash outflow from operating activities
(428,737)
(287,363)
Investing activities
Interest received
125,845
43,829
Dividends received
250,000
247,321
Net cash generated from investing activities
375,845
291,150
Financing activities
Dividends paid to equity shareholders
(250,000)
(247,321)
Net cash used in financing activities
(250,000)
(247,321)
Net decrease in cash and cash equivalents
(302,892)
(243,534)
Cash and cash equivalents at beginning of year
4,089,014
4,332,548
Cash and cash equivalents at end of year
3,786,122
4,089,014
WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
1
Accounting policies
Company information

Wynne Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Charles House, Kimnel Park, Abergele Road, Bodelwyddan Denbighshire, LL18 5TY.

 

The group consists of Wynne Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries are accounted for at cost less impairment. No indications of impairment have been found during the current or previous year.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wynne Group Limited and all of its subsidiary undertakings.

 

All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -

Revenue from contracts is recognised by either one of two methods. By reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contracted services and materials, as a proportion of total costs to complete.

 

If the stage of completion method cannot produce a reliable estimate, then revenue is recognised only to the extent of the expenses recognised that it will be possible to recover.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment property

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. No indications of impairment have been found during the current or previous year.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 22 -
1.10
Stocks

Work in progress is valued in accordance with the accounting policy 1.5 on Turnover. The value is based upon costs incurred plus an appropriate amount of profit based upon the stage reached in each individual contract and the directors estimate of the ultimate outcome of the contract at completion.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 23 -
1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Retentions

 

In the construction industry it is a common feature of construction contracts for the customer to retain part of the contract fee over a maintenance period pending the satisfactory completion of any remedial work required by the contractor. Typically this may be a 12-month period between a certificate of completion being given and the issue of a maintenance certificate. Retentions are included within debtors and turnover. Provision for remedial work is included within accruals; provision for amounts expected to be unrecoverable from retentions are deducted from work in progress.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
90,632,561
71,142,326
2024
2023
£
£
Other revenue
Interest income
449,608
107,082
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
162,340
186,368
Profit on disposal of tangible fixed assets
(579)
(11,947)
Operating lease charges
83,571
59,905
WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,540
3,750
Audit of the financial statements of the company's subsidiaries
22,286
22,260
30,826
26,010

 

6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
58
48
-
-
4
3
-
-
7
7
-
-
Total
69
58
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,092,093
3,081,015
-
0
-
0
Social security costs
389,762
349,531
-
-
Pension costs
399,149
201,313
-
0
-
0
4,881,004
3,631,859
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
447,593
107,082
Other interest income
2,015
-
Total income
449,608
107,082
WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Interest receivable and similar income
(Continued)
- 26 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
447,593
107,082
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
36
-
9
Gains and losses on investments
2024
2023
£
£
Changes in the fair value of investment properties
388,323
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
656,204
402,852
Adjustments in respect of prior periods
220
-
0
Total current tax
656,424
402,852
Deferred tax
Origination and reversal of timing differences
84,451
39,888
Total tax charge
740,875
442,740
WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,987,521
2,121,582
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.01%)
746,880
445,638
Tax effect of expenses that are not deductible in determining taxable profit
1,276
176
Gains not taxable
(7,500)
-
0
Permanent capital allowances in excess of depreciation
-
0
(9,262)
Tax at marginal rate
-
0
(196)
Changes in deferred tax rates
219
6,384
Taxation charge
740,875
442,740
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
250,000
247,321
WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
726,819
397,988
833,815
1,958,622
Additions
10,975
59,234
131,105
201,314
Disposals
(94,769)
(45,703)
(82,676)
(223,148)
At 31 July 2024
643,025
411,519
882,244
1,936,788
Depreciation and impairment
At 1 August 2023
596,019
325,139
488,978
1,410,136
Depreciation charged in the year
35,093
31,501
95,746
162,340
Eliminated in respect of disposals
(94,719)
(45,680)
(80,879)
(221,278)
At 31 July 2024
536,393
310,960
503,845
1,351,198
Carrying amount
At 31 July 2024
106,632
100,559
378,399
585,590
At 31 July 2023
130,800
72,849
344,837
548,486
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023 and 31 July 2024
1,945,927
-
Additions through external acquisition
785,750
-
Net gains or losses through fair value adjustments
388,323
-
At 31 July 2024
3,120,000
-

The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 22 October 2024 by Jonathan Owen of JO Real Estate, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Therefore this value has been used for the year ended 31 July 2024.

WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,325
1,325
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
1,325
Carrying amount
At 31 July 2024
1,325
At 31 July 2023
1,325
15
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
C. Wynne & Sons Limited
see below
Ordinary
99.99
Wynne Property Investment Limited
see below
Ordinary
100.00
Wynne Property Development Limited
see below
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

Charles House, Kinmel Park, Abergele Road, Bodelwyddan, LL18 5TY
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
225,435
1,794,134
-
-
WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,305,502
5,873,472
-
0
-
0
Amounts owed by group undertakings
-
-
2,523,908
2,125,053
Other debtors
1,550,659
1,479,227
-
0
-
0
Prepayments and accrued income
308,449
358,465
49,253
36,708
7,164,610
7,711,164
2,573,161
2,161,761
Amounts falling due after more than one year:
Gross amounts owed by contract customers
2,951,982
1,244,641
-
0
-
0
Total debtors
10,116,592
8,955,805
2,573,161
2,161,761

The split between work in progress and debtors is a simple function of the impact of changes in the normal billing cycle from year to year and contract to contract.

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,405,163
8,736,960
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
5,318
5,318
Corporation tax payable
450,814
158,474
29,442
9,010
Other taxation and social security
2,407,471
2,604,526
-
-
Other creditors
88,314
82,328
1,820
1,820
Accruals and deferred income
19,031,185
8,892,336
4,200
3,950
24,382,947
20,474,624
40,780
20,098

We are committed to complying with and indeed bettering the requirements of the Prompt Payment Code as an element of strengthening and deepening the relationship with our suppliers and contractors. The change, therefore, in creditors accounts falling due within one year and accruals arises purely as a result of the impact of changes in the normal billing cycle from year to year and contract to contract.

Performance Bonds issued by the group's bankers to customers are secured by way of a fixed and floating charge over all property and undertaking of the company.

WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 31 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
80,215
82,182
Investment property
86,418
-
166,633
82,182
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
82,182
-
Charge to profit or loss
84,451
-
Liability at 31 July 2024
166,633
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
399,149
201,313

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
225
225
225
225
WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
22
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
2,582,230
1,150,839
6,231,777
6,196,957
Profit for the year
2,246,495
1,678,712
337,826
282,141
Dividends
(250,000)
(247,321)
(250,000)
(247,321)
At the end of the year
4,578,725
2,582,230
6,319,603
6,231,777
23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,246,646
1,678,842
Adjustments for:
Taxation charged
740,875
442,740
Finance costs
36
-
0
Investment income
(449,608)
(107,082)
Gain on disposal of tangible fixed assets
(579)
(11,947)
Fair value gain on investment properties
(388,323)
-
0
Depreciation and impairment of tangible fixed assets
162,340
186,368
Movements in working capital:
Decrease in stocks
1,568,699
473,900
Increase in debtors
(1,160,787)
(6,799,365)
Increase in creditors
3,615,983
10,867,013
Cash generated from operations
6,335,282
6,730,469
WYNNE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 33 -
24
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
337,826
282,141
Adjustments for:
Taxation charged
29,442
9,010
Finance costs
36
-
0
Investment income
(375,845)
(291,150)
Movements in working capital:
Increase in debtors
(411,400)
(287,854)
Increase in creditors
250
490
Cash absorbed by operations
(419,691)
(287,363)
25
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
17,725,460
5,186,155
22,911,615
26
Analysis of changes in net funds - company
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
4,089,014
(302,892)
3,786,122
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