Company registration number 03402942 (England and Wales)
WJ MANAGEMENT LIMITED CONSOLIDATED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
WJ MANAGEMENT LIMITED CONSOLIDATED
COMPANY INFORMATION
Directors
S D M Harris
R M Fielden
T O L Roberts
G J Holmes
P F Turner
Secretary
S D M Harris
Company number
03402942
Registered office
Unit 5
Abbotts Business Park
Primrose Hill
Kings Langley
Hertfordshire
WD4 8FR
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
WJ MANAGEMENT LIMITED CONSOLIDATED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 39
WJ MANAGEMENT LIMITED CONSOLIDATED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

The principal activity of the company is a holding company. The principal activity of the group is the provision of equipment and services to civil engineering contractors and consultants. The group primarily operates in the UK, Middle East and North American markets.

 

The directors are pleased with the group's performance for the year. Revenue has grown strongly once again, and profit before tax has increased as major projects come online.

 

Net current assets have risen from last year to a historically high level, reflecting the group’s strong liquidity. Net assets have also increased, reinforcing a robust Statement of Financial Position.

Principal risks and uncertainties

The group faces a number of principal risks and uncertainties as detailed below:

 

Credit risk

Credit risk applies to financial instruments such as trade receivables. Policies and procedures exist to ensure the management of trade receivables minimises as far as reasonably practicable the group's exposure to credit risk. Tight controls applied to debt collection are in place and cash continues to be collected in accordance with expectation.

 

Liquidity risk

The group seeks to manage financial risk by ensuring that sufficient liquidity is available to meet foreseeable needs and invests cash assets safely and profitably.

 

Foreign exchange risk

The group operates in international markets and it is therefore exposed to currency movements. The group's financial risk management objective is broadly to make neither a trading profit nor loss from expense to currency. The group does not use hedge accounting.

 

Cash flow risk

The group's policy is to ensure that it always has sufficient cash to allow it to meet its liabilities when they become due. This risk is managed through budgeting and forecasts and through regular review of cash.

 

UK exit from the European Union

The group has increased prices to counter potential rises in shipping costs due to bureaucracy as well as increased fuel & energy costs. WJ have not experienced any shortages on regular materials so there is no impact on site operations.

Development and performance

Revenue and profits are expected to increase further in the year to April 2025.

 

Future orders continue to be secured across all key markets. Canada, the UK, and Saudi Arabia are expected to deliver strong results due to significant government contracts aimed at stimulating economic growth.

 

The group remains committed to researching technological advancements and operational improvements to maintain its competitive edge.

WJ MANAGEMENT LIMITED CONSOLIDATED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

UK Exit from EU

The group continues to increase prices where necessary to counter potential rises in material & shipping costs due to bureaucracy as well as increased fuel & energy costs. WJ have not experienced any shortages of regular materials so there is no impact on site operations.

 

Business Relationships

WJ focus on working collaboratively with current clients to ensure successful completion of projects. This usually ensures both parties have a successful outcome from running projects & forms a good basis for working together on future projects.

 

Our People

Staff at all levels are valued & encouraged to participate in on-going training which helps everyone take responsibility & pride for good outcomes from their work.

 

Community, Charity & Environment

WJ believe it should not negatively impact its community or environment. Where there is an option to choose a positive over a negative outcome it will always choose the positive outcome. WJ’s current chosen charity is Young Minds, a charity specialising in children and adolescent mental health

 

Culture & Values

WJ focus on delivering excellence on every project. Clients expect to receive a service they can then recommend to others. The key to delivering the right kind of service is WJ staff. All staff receive regular training & updates to ensure they learn & progress which benefits themselves, WJ & the clients.

 

Shareholders

The shareholders of WJ are all current employees. They help to lead & drive the business forward. Information is regularly shared between management & shareholders to ensure a good working relationship.

Key performance indicators

The group's key performance indicators are revenue, profit before tax and net assets.

 

The directors can report the following KPI's for the year:

 

Turnover - £38,598,646 (2023: £33,969,562)

 

Profit before tax - £3,826,292 (2023: £2,574,468)

 

Net assets - £18,548,736 (2023: £16,559,999)

Section 172 statement
Business relationships

WJ focus on working collaboratively with current clients to ensure successful completion of projects. This usually ensures both parties have a successful outcome from running projects and forms a good basis for working together on future projects.

Our people

Staff at all levels are valued and encouraged to participate in on-going training which helps everyone take responsibility and pride for good outcomes from their work.

Community, charity and environment

WJ believe it should not negatively impact its community or environment. Where there is an option to choose a positive over a negative outcome it will always choose the positive outcome. WJ's current chosen charity is Young Minds, a charity specialising in children and adolescent mental health.

WJ MANAGEMENT LIMITED CONSOLIDATED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Culture and values

WJ focus on delivering excellence on every project. Clients expect to receive a service they can then recommend to others. The key to delivering the right kind of service is WJ staff. All staff receive regular training and updates to ensure they learn and progress which benefits themselves, WJ and the clients.

 

Shareholders

The shareholders of WJ are all current employees. They help to lead and drive the business forward. Information is regularly shared between management and shareholders to ensure a good working relationship.

On behalf of the board

S D M Harris
Director
24 January 2025
WJ MANAGEMENT LIMITED CONSOLIDATED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company and group is detailed in the strategic report.

Branches

The group has branches outside of the United Kingdom, in Ireland and Dubai.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £885,279. 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:

S D M Harris
R M Fielden
T O L Roberts
G J Holmes
P F Turner
Qualifying third party indemnity provisions

The group has put in place qualifying third party indemnity provisions for all of the directors of WJ Management Limited.

Research and development

The group invests in research and development activities relevant to the size and nature of its operations with the aim of supporting future development of the group.

Disabled persons

The group is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Particular attention is given to the training and promotion of disabled employees to ensure that their career development is not unfairly restricted by their disability, or perceptions of it.

 

The group's HR procedures makes clear that full and fair consideration must be given to applications made by and the promotion of disabled persons. Where an employee becomes disabled whilst employed by the group, the HR procedures also require that reasonable effort is made to ensure they have the opportunity for continued employment within the group. Retraining of employees who become disabled whilst employed by the group is offered where appropriate.

Employee involvement

The group provides information on matters of concern to them as employees, including the financial and economic factors affecting the performance of the group.

Future developments

Information on the likely future developments in the business has been included in the strategic report.

Auditor

The auditor, Rayner Essex LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

WJ MANAGEMENT LIMITED CONSOLIDATED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Energy and carbon report

The company, as a holding company, is considered a low energy user given that the UK carbon usage is below the de minimis threshold of 40,000 KwH and as such, is exempt from reporting under the SECR regulations. All subsidiaries are exempt from reporting under SECR regulations.

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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the review of the business, future developments, principal risks and uncertainties and key performance indicators.

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
S D M Harris
Director
24 January 2025
WJ MANAGEMENT LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WJ MANAGEMENT LIMITED CONSOLIDATED
- 6 -
Opinion

We have audited the financial statements of WJ Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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:

WJ MANAGEMENT LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WJ MANAGEMENT LIMITED CONSOLIDATED
- 7 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

The extent to which the audit was considered capable of detecting irregularities including fraud

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:

 

WJ MANAGEMENT LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WJ MANAGEMENT LIMITED CONSOLIDATED
- 8 -

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

 

 

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

 

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

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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.

Neil Heyes FCA (Senior Statutory Auditor)
For and on behalf of Rayner Essex LLP
29 January 2025
Chartered Accountants
Statutory Auditor
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
WJ MANAGEMENT LIMITED CONSOLIDATED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
38,598,646
33,969,562
Cost of sales
(21,557,158)
(18,478,014)
Gross profit
17,041,488
15,491,548
Administrative expenses
(12,986,111)
(12,727,877)
Other operating income
73,994
79,035
Operating profit
4
4,129,371
2,842,706
Share of results of associates
(6,468)
(43,729)
Interest receivable and similar income
8
2
5
Interest payable and similar expenses
9
(296,613)
(224,514)
Profit before taxation
3,826,292
2,574,468
Tax on profit
10
(727,436)
(611,751)
Profit for the financial year
3,098,856
1,962,717
Profit for the financial year is attributable to:
- Owners of the parent company
3,082,321
1,943,356
- Non-controlling interests
16,535
19,361
3,098,856
1,962,717
WJ MANAGEMENT LIMITED CONSOLIDATED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
£
£
Profit for the year
3,098,856
1,962,717
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
3,098,856
1,962,717
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,082,321
1,943,356
- Non-controlling interests
16,535
19,361
3,098,856
1,962,717
WJ MANAGEMENT LIMITED CONSOLIDATED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
7,288,322
6,584,179
Investments
13
54,254
63,026
7,342,576
6,647,205
Current assets
Debtors
16
21,255,741
17,842,683
Cash at bank and in hand
-
70,130
21,255,741
17,912,813
Creditors: amounts falling due within one year
17
(7,772,976)
(5,962,305)
Net current assets
13,482,765
11,950,508
Total assets less current liabilities
20,825,341
18,597,713
Creditors: amounts falling due after more than one year
18
(1,978,876)
(1,797,255)
Provisions for liabilities
Deferred tax liability
21
297,729
240,459
(297,729)
(240,459)
Net assets
18,548,736
16,559,999
Capital and reserves
Called up share capital
23
429,747
429,747
Share premium account
24
26,364
26,364
ESOP reserve
56,467
56,467
Other reserves
789,217
1,107,596
Profit and loss reserves
17,013,675
14,723,093
Equity attributable to owners of the parent company
18,315,470
16,343,267
Non-controlling interests
233,266
216,732
18,548,736
16,559,999
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
24 January 2025
S D M Harris
Director
Company registration number 03402942 (England and Wales)
WJ MANAGEMENT LIMITED CONSOLIDATED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,190,915
1,271,788
Investments
13
1,250,008
1,250,008
2,440,923
2,521,796
Current assets
Debtors
16
3,979,776
2,358,302
Cash at bank and in hand
-
0
70,130
3,979,776
2,428,432
Creditors: amounts falling due within one year
17
(3,622,953)
(3,069,020)
Net current assets/(liabilities)
356,823
(640,588)
Total assets less current liabilities
2,797,746
1,881,208
Creditors: amounts falling due after more than one year
18
(287,500)
(183,333)
Provisions for liabilities
Deferred tax liability
21
297,729
317,947
(297,729)
(317,947)
Net assets
2,212,517
1,379,928
Capital and reserves
Called up share capital
23
429,747
429,747
Share premium account
24
26,364
26,364
ESOP reserve
56,467
56,467
Profit and loss reserves
1,699,939
867,350
Total equity
2,212,517
1,379,928

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 £1,717,868 (2023 - £986,137 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
24 January 2025
S D M Harris
Director
Company registration number 03402942 (England and Wales)
WJ MANAGEMENT LIMITED CONSOLIDATED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Share premium account
ESOP reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 May 2022
439,103
6,521
47,111
1,462,455
13,466,281
15,421,471
197,371
15,618,842
Year ended 30 April 2023:
Profit for the year
-
-
-
-
1,943,356
1,943,356
19,361
1,962,717
Other increase
-
19,843
-
-
-
-
-
-
Purchase of shares for ESOP
(9,356)
-
9,356
-
-
0
-
-
-
Dividends
11
-
-
-
-
(686,544)
(686,547)
-
(686,547)
Other movements
-
-
-
(354,859)
-
(354,859)
-
(354,859)
Balance at 30 April 2023
429,747
26,364
56,467
1,107,596
14,723,093
16,343,267
216,732
16,559,999
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
-
3,082,321
3,082,321
16,535
3,098,856
Dividends
11
-
-
-
-
(885,279)
(885,279)
-
(885,279)
Other movements
-
-
-
(318,381)
-
(318,381)
-
(318,381)
Balance at 30 April 2024
429,747
26,364
56,467
789,217
17,013,675
18,315,470
233,266
18,548,736
WJ MANAGEMENT LIMITED CONSOLIDATED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Share premium account
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
439,103
6,521
47,111
567,760
1,060,495
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
986,137
986,137
Dividends
11
-
-
-
(686,547)
(686,547)
Purchase of shares for ESOP
(9,356)
-
9,356
-
-
Other movements
-
19,843
-
-
19,843
Balance at 30 April 2023
429,747
26,364
56,467
867,350
1,379,928
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
1,717,868
1,717,868
Dividends
11
-
-
-
(885,279)
(885,279)
Balance at 30 April 2024
429,747
26,364
56,467
1,699,939
2,212,517
WJ MANAGEMENT LIMITED CONSOLIDATED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
4,290,698
2,720,792
Interest paid
(296,613)
(337,304)
Income taxes paid
(266,355)
(373,292)
Net cash inflow from operating activities
3,727,730
2,010,196
Investing activities
Purchase of tangible fixed assets
(3,683,974)
(2,088,897)
Proceeds from disposal of tangible fixed assets
520,972
414,112
Proceeds from disposal of investments
8,772
-
Interest received
2
5
Net cash used in investing activities
(3,154,228)
(1,674,780)
Financing activities
Proceeds from issue of shares
-
10,487
Repayment of borrowings
-
(202,169)
Proceeds from new bank loans
351,285
Dividends paid to equity shareholders
(885,279)
(686,547)
Net cash used in financing activities
(533,994)
(878,229)
Net increase/(decrease) in cash and cash equivalents
39,508
(542,813)
Cash and cash equivalents at beginning of year
(938,770)
(395,957)
Cash and cash equivalents at end of year
(899,262)
(938,770)
Relating to:
Cash at bank and in hand
-
70,130
Bank overdrafts included in creditors payable within one year
(899,262)
(1,008,900)
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

WJ Management Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 5, Abbotts Business Park, Primrose Hill, Kings Langley, Hertfordshire, WD4 8FR.

 

The group consists of WJ Management 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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company WJ Management Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 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.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
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.

1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover on contracts arises from increases in valuations on contracts and is recognised based on surveys of work performed and certified by the customer. Amounts not certified are shown as amounts recoverable on contracts in debtors.

 

Profits on contracts is calculated in accordance with accounting standards and industry practice. Profit recognition is based on an assessment of the overall profitability on individual contracts and is recognised when the outcome of a contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimates to fairly represent the profit attributable to work certified at the statement of financial position date. Any adjustments required to reflect the stage of completion to the statement of financial position date are processed through cost of sales. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Provision is made for losses incurred or foreseen in bringing the contract to completion as soon as they become apparent.

 

The group also rents surplus office spaces at its head office in Kings Langley. Rental income is recognised for the period to which the rental income relates.

1.5
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.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -

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:

Freehold land and buildings
not provided
Plant and equipment
33% on reducing balance and 33%-100% on cost
Fixtures and fittings
33% on cost
Motor vehicles
25%-33% on cost

The Companies Act 2006 requires depreciation of fixed assets including freehold buildings. However, the directors do not believe it is appropriate to depreciate the group's freehold property on the basis that the freehold property is maintained to such a high standard that their market value is excess of the book value shown in the accounts.

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 income statement.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those 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, associates and jointly 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.7
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.

 

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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 statement of financial position 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.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
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.

1.11
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 income statement 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 income statement, 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.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
1.12
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.

1.13
Retirement benefits

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

Employee Share option plan (ESOP)

The cost of the company's shares held by the ESOP is deducted from equity in the company and consolidated statement of financial position under the heading ESOP share reserve. Any gain or loss on disposal of these shares by the ESOP is also recognised directly in equity. Other assets and liabilities of the ESOP (including cash and borrowings) are recognised as assets and liabilities of the company.

 

Share based payments

Where share options are awarded to employees by the ESOP, the fair value of the options at the date of grant is charged to the consolidated income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

 

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated income statement over the remaining vesting period.

 

No adjustment has been recognised in the current year or prior year in respect of the fair value of share options outstanding on the grounds of materiality.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 23 -
1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grants relating to the Government Job Retention Scheme are recognised when the requirements are met and recognised in the consolidated income statement in the period in which it relates.

1.16
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the statement of financial position date. Transactions in foreign currency are recorded at the rate ruling at the date of the transaction.

 

The results of overseas operations are translated at the rate ruling at the date of the transaction. However the statement of financial position is translated at the rate ruling at the date of the statement of financial position. Exchange differences arising on translation of opening assets are reported in the consolidated statement of reserves.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of an asset and projected disposal values.

Bad debt provisions

The group has recognised impairment provisions in respect of bad and doubtful trade receivables. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.

 

This provision is based on the assessment of aging of the trade receivable balances and customer specific reasons. The value of trade receivables is the net provision for bad and doubtful trade receivables.

Provisions

A provision is recognised when the group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

 

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of the obligations in deciding if an outflow of resources is probable or not.

Profit recognition

Profit recognition is subject to judgement and is based on assessment of the ongoing of the profitability of individual contracts. Profits are recognised by the directors when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflected that part of the total profit expected that fairly represents the profit attributable to turnover certified at the accounting date. Contract reviews are undertaken on a monthly basis by senior staff and directors.

Taxation

There are many transactions and calculations for which the ultimate tax determination is uncertain. The group takes professional advice on its tax affairs and recognises liabilities for anticipated tax based on estimates of what taxation is likely to be due.

 

Management estimation is required to determine the amount of any deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,446,798
11,455,964
Rest of Europe
1,760,046
1,242,605
Rest of World
24,391,802
21,270,993
38,598,646
33,969,562
2024
2023
£
£
Other revenue
Interest income
2
5
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
83,683
342,015
Depreciation of owned tangible fixed assets
2,592,059
2,207,950
Depreciation of tangible fixed assets held under finance leases
195,639
137,024
Profit on disposal of intangible assets
(331,218)
(78,565)
Operating lease charges
798,299
914,494
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
27,750
24,000
Audit of the financial statements of the company's subsidiaries
58,574
41,264
86,324
65,264
For other services
All other non-audit services
50,360
40,605
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
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
Administration
58
68
5
5
Contract/ engineering
366
330
-
-
Total
424
398
5
5

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
13,911,484
11,589,481
1,073,150
999,768
Pension costs
218,223
186,932
24,337
24,337
14,129,707
11,776,413
1,097,487
1,024,105
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
912,236
778,676
Company pension contributions to defined contribution schemes
37,717
34,870
949,953
813,546
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
172,460
148,062
Company pension contributions to defined contribution schemes
5,523
7,148

During the year retirement benefits were accruing to 5 directors (2023: 5) in respect of defined contribution pension schemes.

 

During the year 0 directors (2023: 1) exercised share options.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2
5
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
153,833
112,542
Other interest on financial liabilities
128,078
100,979
Interest on finance leases and hire purchase contracts
14,702
10,993
Total finance costs
296,613
224,514
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
925,328
371,292
Adjustments in respect of prior periods
(177,674)
-
0
Total current tax
747,654
371,292
Deferred tax
Origination and reversal of timing differences
(20,218)
240,459
Total tax charge
727,436
611,751
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 28 -

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
3,826,292
2,574,468
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.80%)
956,573
509,745
Tax effect of expenses that are not deductible in determining taxable profit
920
2,307
Adjustments in respect of prior years
-
0
1,496
Effect of change in corporation tax rate
-
(7,983)
Permanent capital allowances in excess of depreciation
20,218
(68,988)
Research and development tax credit
-
0
9,110
Effect of overseas tax rates
(52,383)
(72,395)
Under/(over) provided in prior years
(177,674)
(2,000)
Deferred tax
(20,218)
240,459
Taxation charge
727,436
611,751
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
885,279
686,547
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,584,220
15,956,972
(96,213)
175,778
1,472,739
19,093,496
Additions
-
0
3,224,969
25,278
-
0
433,727
3,683,974
Disposals
-
0
(917,074)
-
0
-
0
(154,842)
(1,071,916)
Exchange adjustments
-
0
1
(2,383)
-
0
-
0
(2,382)
At 30 April 2024
1,584,220
18,264,868
(73,318)
175,778
1,751,624
21,703,172
Depreciation and impairment
At 1 May 2023
-
0
11,323,014
(126,789)
175,778
1,137,314
12,509,317
Depreciation charged in the year
-
0
2,501,736
16,327
-
0
269,635
2,787,698
Eliminated in respect of disposals
-
0
(739,665)
-
0
-
0
(142,498)
(882,163)
Exchange adjustments
-
0
-
0
-
0
-
0
(2)
(2)
At 30 April 2024
-
0
13,085,085
(110,462)
175,778
1,264,449
14,414,850
Carrying amount
At 30 April 2024
1,584,220
5,179,783
37,144
-
0
487,175
7,288,322
At 30 April 2023
1,584,220
4,633,958
30,576
-
0
335,425
6,584,179
Company
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
1,768,614
-
0
1,768,614
Additions
312,451
11,845
324,296
At 30 April 2024
2,081,065
11,845
2,092,910
Depreciation and impairment
At 1 May 2023
496,826
-
0
496,826
Depreciation charged in the year
404,840
329
405,169
At 30 April 2024
901,666
329
901,995
Carrying amount
At 30 April 2024
1,179,399
11,516
1,190,915
At 30 April 2023
1,271,788
-
0
1,271,788
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 30 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
839,803
439,915
550,279
-
0
Motor vehicles
134,599
109,704
-
0
-
0
974,402
549,619
550,279
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,250,008
1,250,008
Investments in associates
15
54,254
63,026
-
0
-
0
54,254
63,026
1,250,008
1,250,008
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 May 2023
63,026
Valuation changes
(8,772)
At 30 April 2024
54,254
Carrying amount
At 30 April 2024
54,254
At 30 April 2023
63,026
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
1,250,008
Carrying amount
At 30 April 2024
1,250,008
At 30 April 2023
1,250,008
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Country
Nature of business
Class of
% Held
shares held
Direct
WJ Groundwater Limited
UK
Provision of services to civil engineers
Ordinary
100.00
WJ Groundwater LLC
Qatar
Provision of services to civil engineers
Ordinary
97.00
WJ Groundwater Canada Limited
Canada
Provision of services to civil engineers
Ordinary
85.00
WJ Turkey Limited
Turkey
Provision of services to civil engineers
Ordinary
100.00
WJ Groundwater Sp.z.o.o
Poland
Provision of services to civil engineers
Ordinary
100.00
WJ Limited
Kuwait
Provision of services to civil engineers
Ordinary
100.00
WJ Pump Rental Services LLC
United Arab Emirates
Pump hire and associated services
Ordinary
100.00
WJ Groundwater Middle East Land Draining LLC
United Arab Emirates
Pump hire and associated services
Ordinary
100.00
WJ Groundwater Philippines Corp
Philippines
Pump hire and associated services
Ordinary
100.00
WJ Groundwater Saudi
Saudi Arabia
Provision of services to civil engineers
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 5, Abbotts Business Park, Primrose Hill, Kings Langley, Hertfordshire. WD4 8FR
2
RM10 3/F, Fereej Bin Khhaleeb, 920 Yanbu Street, Area 35, PO Box 63194, Doha, Qatar
3
250 Eglinton Avenue West, Suite 253, Toronto, Ontario, M4R 1A7, Canada
4
Esentepe Mah, Buyukdere Cad. No:193/5, 193 Plaza K:2 Ofis No:232-A51, Sisli, Istanbul
5
ul. Lazurowa, 2093-479, Lodz. Poland
6
Al-Wataniya Tower, 7th floor, Fahed Al Salem Streeet, Al-Qibla, Kuwait
7
Office 308, Ali and Sons Business Centre, Umm Al Nar, PO Box 53758, Abu Dhabi, UAE
8
PO Box 49204, Office 106, Falcon House, Dubai Investments Park 1, Dubai, UAE
9
24th Floor Philam Life Tower, 8767 Paseo De Roxas Avenue, Makati City 1226, Philippines.
10
Office 203/1, 2/F Emaar Square E10, Building No 8885, King Abdullah Road, Al-Fayhaa District, Jeddah, KSA
15
Associates

Details of associates at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
LDD-WJ Groundwater Limited
Israel
Provision of services to civil engineers
Ordinary
50
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Associates
(Continued)
- 33 -

The statutory year end for LDD-WJ Groundwater Limited is 31 December. For the purposes of these consolidated financial statements, interim accounts for the year ended 30 April 2024 have been prepared. These interim accounts have been subject to audit procedures deemed appropriate for the purposes of inclusion of the accounts within these consolidated financial statements.

 

Group

Share of net assets Loans to owed from associates Total

 

Investment

As at 1 May 2023 63,026 538,509 601,535

Share of profit /(loss) (6,468) (6,468)

Investment/ (amount repaid) (12,923) (12,923)

Foreign exchange (2,304) (2,304)

As at 30 April 2024 54,254 525,586 579,840

 

In line with FRS102 s14, the following amounts represent the WJ Management share of operating results, assets and liabilities in LDD-WJ Groundwater Limited:

 

Turnover - £1,282,000 (2023: £1,691,000)

Profit/ (loss) before tax (£15,000) (2023: (£49,000))

Tax - £4,000 (2023: (£31,000))

Profit/ (loss) after tax - (£11,000) (2023: (£80,000))

 

Fixed assets - £221,000 (2023: £267,000)

Current assets - £539,000 (2023: 534,000)

Creditors due within one year - £688,000 (2023: (£718,000)

Creditors due more than one year - £17,000 (2023: (£19,000)

Net assets / (liabilities) - £54,000 (2023: £64,000)

 

 

 

16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
17,534,011
14,659,300
68,672
97,909
Gross amounts owed by contract customers
599,654
806,880
-
0
-
0
Amounts owed by group undertakings
-
-
3,831,974
2,192,865
Other debtors
1,479,836
1,332,212
-
0
-
0
Prepayments and accrued income
1,445,613
925,152
79,130
67,528
21,059,114
17,723,544
3,979,776
2,358,302
Deferred tax asset (note 21)
196,627
119,139
-
0
-
0
21,255,741
17,842,683
3,979,776
2,358,302
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 34 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,494,201
1,356,633
909,286
100,000
Obligations under finance leases
20
425,692
377,574
-
0
-
0
Trade creditors
2,384,533
2,149,054
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,209,869
2,643,245
Corporation tax payable
667,236
227,217
482,097
227,674
Other taxation and social security
599,280
504,870
8,667
5,835
Other creditors
118,612
165,726
-
0
-
0
Accruals and deferred income
2,083,422
1,181,231
13,034
92,266
7,772,976
5,962,305
3,622,953
3,069,020
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
580,187
594,743
287,500
183,333
Obligations under finance leases
20
355,083
284,566
-
0
-
0
Other creditors
1,043,606
917,946
-
0
-
0
1,978,876
1,797,255
287,500
183,333
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,175,126
942,476
737,500
283,333
Bank overdrafts
899,262
1,008,900
459,286
-
0
2,074,388
1,951,376
1,196,786
283,333
Payable within one year
1,494,201
1,356,633
909,286
100,000
Payable after one year
580,187
594,743
287,500
183,333

The facilities provided to the group are secured by way of a fixed and floating charge over all assets held by the group, a first legal charge over the freehold property of the group and a composite company unlimited multilateral guarantee given by the WJ Management Limited and WJ Groundwater Limited.

 

The assets acquired under hire purchase contracts are secured on the assets concerned by way of composite company multilateral guarantee.

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Loans and overdrafts
(Continued)
- 35 -

Bank loans relates to various term loans. The first with a carrying amount of £109,616 (2023: £147,206) is repayable by August 2026. The second, with a carrying value of £294,043 (2023: £340,984) is repayable by November 2028. The third, with a carrying value of £183,333 (2023: £283,333) is repayable in February 2026 , and the fourth, with a carrying value of £554,167 (2023: £nil) is repayable in November 2025.

 

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
425,692
377,574
-
0
-
0
In two to five years
355,083
284,566
-
0
-
0
780,775
662,140
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
297,729
317,947
(30,192)
(30,192)
Tax losses
-
-
226,819
226,819
297,729
317,947
196,627
196,627
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
297,729
317,947
-
-
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Deferred taxation
(Continued)
- 36 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
121,320
317,947
Credit to profit or loss
(20,218)
(20,218)
Liability at 30 April 2024
101,102
297,729
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
218,223
186,932

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.

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £218,223 (2023: £186,932). Contributions totalling £39,889 (2023: £65,000) were payable at the Statement of Financial Position date and are within other creditors.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
429,747
429,747
429,747
429,747
ESOP of £1 each
56,467
56,467
56,467
56,467
486,214
486,214
486,214
486,214
WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
23
Share capital
(Continued)
- 37 -

Employee Share Ownership Plan (ESOP)

The company established an Employee Share Ownership Plan (ESOP) in March 2008; the W J Management Limited Employees' Share Trust, to incentivise employees of the business through the issue of options which are awarded to employees. In 2015, options over shares held by the ESOP were granted to certain employees under a revised share incentivisation scheme. Following the grant of options, employees had 5 years from the grant date to exercise the options. Any options which are not exercised within 5 years will lapse.

 

Options are awarded to employees at the discretion of the existing shareholders and directors of the company. Under the scheme the trustee, William Heath & Co, repurchases the company's ordinary shares from existing shareholders, at market value subject to a discretionary reduction in value based on the period over which shares are held by the employee. Any repurchase of shares is completed using facilities provided by the company which meets the net financing costs.

 

Shares in the company held by the ESOP scheme are deducted from equity and amounts can be seen in the ESOP share reserve. Shares held by the ESOP do not have entitlement to vote or receive dividends.

At 30 April 2024 the trustee holds 56,467 shares in the company (2023: 56,467) of which 0 shares (2023: £9,356) are under option to employees.

 

The ESOP is a separate legal entity, with Independent Trustees and inclusion of the ESOP shares in these financial statements does not infer the shares are in any way owned or in the legal possession of the company.

24
Share premium account

This reserve records the amount above the nominal value received for shares.

25
Other reserves

This represents foreign exchange gains and losses on translation of overseas subsidiaries.

26
Employee share ownership plan (ESOP) reserve

This represents the cost of the company's shares held by the ESOP.

 

27
Financial commitments, guarantees and contingent liabilities

The UAE entities within the group have provided guarantees to clients with various end dates totalling £237,289 (2023: £123,714)

 

The Group have provided guarantees including letters of credit to clients with various end dates totalling £1,149,022 (2023: £804,177).

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 38 -
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
484,482
773,786
-
59,545
Between two and five years
349,414
787,883
-
93,869
833,896
1,561,669
-
153,414
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
-
13,500
-
-
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
80,635
518,576
80,635
259,520
30
Related party transactions
Transactions with related parties

The group has taken advantage of the FRS102 section 33.1A exemption from disclosing transactions with wholly owned group companies.

 

The group has transacted with LDD-WJ Groundwater Limited, a company incorporated in Israel. WJ Management Limited, the parent company of WJ Groundwater Limited, has a 50% shareholding in this entity.

 

During the year WJ Groundwater Limited has provided goods and services totalling £NIL (2023: £78,502).

WJ MANAGEMENT LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 39 -
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,098,856
1,962,717
Adjustments for:
Share of results of associates and joint ventures
-
43,729
Taxation charged
727,436
611,751
Finance costs
296,613
224,514
Investment income
(2)
(5)
Gain on disposal of tangible assets
(331,218)
(78,565)
Depreciation and impairment of tangible fixed assets
2,787,698
2,368,356
Foreign exchange gains on cash equivalents
(317,795)
354,858
Movements in working capital:
Decrease/ (increase) in debtors
(3,206,590)
(3,478,728)
(Decrease)/ increase in creditors
1,117,668
599,375
Cash generated from operations
4,172,666
2,608,002
32
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
70,130
(70,130)
-
Bank overdrafts
(1,008,900)
109,638
(899,262)
(938,770)
39,508
(899,262)
Borrowings excluding overdrafts
(942,476)
(232,650)
(1,175,126)
Obligations under finance leases
(662,140)
(118,635)
(780,775)
(2,543,386)
(311,777)
(2,855,163)
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