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REGISTERED NUMBER: 02188952 (England and Wales)









Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 April 2024

for

WILLETT & SON HOLDINGS LIMITED

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 5

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 10

Consolidated Statement of Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


WILLETT & SON HOLDINGS LIMITED

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: E A Rice
J R Wright
J A Wright



SECRETARY: E A Rice



REGISTERED OFFICE: 51 Queen Square
Bristol
BS1 4LJ



REGISTERED NUMBER: 02188952 (England and Wales)



AUDITORS: Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6-8 Bath Street
Bristol
BS1 6HL



BANKERS: Clydesdale Bank plc
Epsilon House, The Square
Gloucester Business Park
Gloucester
GL3 4AD

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Group Strategic Report
FOR THE YEAR ENDED 30 APRIL 2024


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

Review of the business and development and performance
Group turnover for the year to 30 April 2024 was in line with the directors' expectations at £47 million (2023 - £68 million).

The group's gross profit margin increased from 1.7% for the year to 30 April 2023 to 1.97% for the current financial period, resulting in a gross profit of £926k (2023 - £1.16 million).

The group's total overheads for the year were £850k (2023 - £955k).

The group recorded an operating profit of £112k for the year to 30 April 2024 (2023 - £217k). The directors consider this to be in line with expectations.

Control of operating costs and administrative expenses continues to be a priority for the group as it seeks to maintain an operating profit position in the short to medium term.

The remeasurement of the group's defined benefit plan gave rise to other comprehensive income gains of £170k for the year (2023 - £203k), including gains on pension scheme investments of £243k (2023 - loss of £6,6k) and deferred tax of £57k was recognised (2023 - £86k).

Net cash generated from operating activities amounted to £456k for the year to 30 April 2024 (2023 - £1.65million).
After accounting for the purchases of tangible fixed assets at £3,075 and the payment of dividends in the sum of £49,434, the net cash inflow for the group for the year amounted to £403,098 (2023 - £1,603,582).

As at 30 April 2024 cash and cash equivalents amounted to a surplus of £162k (2023 - deficit of £241k).

The directors believe that the group has sufficient working capital to meet its normal trading requirements.

The directors expect the group's level of trading to be maintained into the foreseeable future and no major changes are expected or other risks anticipated. The directors aim to maintain their current management policies.

Business environment and strategy
The commodities markets continue to be volatile in nature and competitive. The group aims to grow its tonnage turnover by expanding its customer base and by continuing to offer its professional expertise in the wholesale merchanting of animal feedstuffs and fertilisers to its customers.

Results and dividends
The net profit for the period, after taxation, amounted to £85k (2023 - £175k). After accounting for gains of £227k (2023 - £278k) on the remeasurement of the defined benefit plan and deferred tax of £57k (2023 - £86k).

The directors consider that the results achieved for the year are satisfactory in view of the volatile nature of commodities markets.

Interim dividends in the sum of £49,434 (2023 - £49,435) were paid during the year. The directors do not recommend the payment of a final dividend for the year.

Principal risks and uncertainties
The group's principal risks and uncertainties are considered to be as follows:

Volatile nature of markets - In the opinion of the directors the principal risk faced by the group is that of continued uncertainty in the agricultural commodities markets. The group continues to monitor the markets closely on an ongoing basis and seeks to mitigate the impact of market fluctuations as far as is practicable.


WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Group Strategic Report
FOR THE YEAR ENDED 30 APRIL 2024

Competition - The group operates in a very competitive environment. Products are kept under constant review to ensure that they meet market demands.

Key staff - There are a number of key employees who are considered to be crucial to the success of the business. Staff relationships and packages are such that key personnel are retained.

Cash flows - Large quantities of goods are purchased from the group's suppliers. The group actively manages cash flows to ensure that sufficient funding is available to meet its requirements as they fall due.

Key performance indicators
The directors monitor the progress of the group by reference to certain financial key performance indicators in the following areas:

Sales targets and margins - The group experienced a decrease in turnover of £21million when compared to 2023 however achieved a gross profit margin of 1.97% for the year (2023 - 1.7%).
Cash position - The group recorded an increase in cash and cash equivalents of £403k for the year (2023 - £1.6 million).
Debtor balances - The group recorded average debtor days of 23 for the year (2023 - 20 days).
Staff costs - Total staff costs for the year were £626,151 (2023 - £626,143).
Overheads - The group's total overheads for the year were £846,639 (2023 - £954,837).

The directors consider that the group has performed satisfactorily and in line with their expectations for these key performance indicators.

ON BEHALF OF THE BOARD:





J R Wright - Director


30 January 2025

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Report of the Directors
FOR THE YEAR ENDED 30 APRIL 2024


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

PRINCIPAL ACTIVITIES
The principal activity of the company in the year under review was that of a holding and property holding company.

The principal activity of the group in the year under review was that of the wholesale merchanting of animal feedstuffs and fertilisers.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 was £49,434.

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

E A Rice
J R Wright
J A Wright

GOING CONCERN
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

DISCLOSURE IN THE STRATEGIC REPORT
Items required under Sch. 7 to be disclosed in the directors' report are set out in the strategic report in accordance with s.414C(11) CA 2006.

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

AUDITORS
The auditor, Haines Watts (Western) Limited, is deemed to have been reappointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





J R Wright - Director


30 January 2025

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Statement of Directors' Responsibilities
FOR THE YEAR ENDED 30 APRIL 2024


The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Report of the Independent Auditors to the Members of
Willett & Son Holdings Limited


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

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Report of the Independent Auditors to the Members of
Willett & Son Holdings Limited


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

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Willett & Son Holdings Limited


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

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

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud and error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

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

We obtained an understanding of the legal and regulatory frameworks applicable to the group and the sectors in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, the UK Corporate Governance Code, UK corporate tax laws, environmental legislation and the Data Protection Act.

We obtained an understanding of how the group are complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes and review of correspondence with regulatory bodies.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

- Identifying and assessing the controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

- Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Report of the Independent Auditors to the Members of
Willett & Son Holdings Limited


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




Matthew Bracher BSc FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6-8 Bath Street
Bristol
BS1 6HL

30 January 2025

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Consolidated Profit and Loss Account
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 4 46,923,408 68,049,947

Cost of sales (45,997,682 ) (66,894,785 )
GROSS PROFIT 925,726 1,155,162

Administrative expenses (846,639 ) (954,837 )
79,087 200,325

Other operating income 5 32,426 16,911
OPERATING PROFIT 7 111,513 217,236


Interest payable and similar expenses 9 (18 ) (1 )
PROFIT BEFORE TAXATION 111,495 217,235

Tax on profit 10 (26,471 ) (42,708 )
PROFIT FOR THE FINANCIAL YEAR 85,024 174,527
Profit attributable to:
Owners of the parent 85,024 174,527

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Consolidated Statement of Other Comprehensive Income
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 85,024 174,527


OTHER COMPREHENSIVE INCOME
Remeasurement of defined benefit plan 227,090 277,999
Depreciation on revaluations
Income tax relating to other comprehensive
income

(56,772

)

85,718
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


170,318


363,717
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

255,342

538,244

Total comprehensive income attributable to:
Owners of the parent 255,342 538,244

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Consolidated Balance Sheet
30 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 13 1,037,079 1,058,131
Investments 14 - -
1,037,079 1,058,131

CURRENT ASSETS
Stocks 15 633,040 1,572,409
Debtors 16 2,956,079 3,767,627
Cash at bank and in hand 162,391 41,005
3,751,510 5,381,041
CREDITORS
Amounts falling due within one year 17 (2,595,538 ) (4,281,711 )
NET CURRENT ASSETS 1,155,972 1,099,330
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,193,051

2,157,461

PENSION ASSET 22 395,119 224,801
NET ASSETS 2,588,170 2,382,262

CAPITAL AND RESERVES
Called up share capital 20 247,173 247,173
Share premium 21 88,483 88,483
Revaluation reserve 21 760,793 769,951
Capital redemption reserve 21 50,805 50,805
Retained earnings 21 1,440,916 1,225,850
SHAREHOLDERS' FUNDS 2,588,170 2,382,262

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





J R Wright - Director


WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Company Balance Sheet
30 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 13 1,029,787 1,044,894
Investments 14 35,351 35,351
1,065,138 1,080,245

CURRENT ASSETS
Debtors 16 35,563 101,532
Cash at bank 108,053 7,215
143,616 108,747
CREDITORS
Amounts falling due within one year 17 (72,074 ) (63,314 )
NET CURRENT ASSETS 71,542 45,433
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,136,680

1,125,678

CAPITAL AND RESERVES
Called up share capital 20 247,173 247,173
Share premium 21 88,483 88,483
Revaluation reserve 21 624,293 633,451
Capital redemption reserve 21 50,805 50,805
Retained earnings 21 125,926 105,766
SHAREHOLDERS' FUNDS 1,136,680 1,125,678

Company's profit for the financial year 60,436 72,854

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





J R Wright - Director


WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 247,173 855,693 88,483

Changes in equity
Profit for the year - 174,527 -
Other comprehensive income - 245,065 -
Total comprehensive income - 419,592 -
Dividends - (49,435 ) -
Balance at 30 April 2023 247,173 1,225,850 88,483

Changes in equity
Profit for the year - 85,024 -
Other comprehensive income - 170,318 -
Total comprehensive income - 255,342 -
Dividends - (49,434 ) -
Transfer - 9,158 -
Balance at 30 April 2024 247,173 1,440,916 88,483
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 May 2022 660,457 50,805 1,902,611

Changes in equity
Profit for the year - - 174,527
Other comprehensive income 109,494 - 354,559
Total comprehensive income 109,494 - 529,086
Dividends - - (49,435 )
Balance at 30 April 2023 769,951 50,805 2,382,262

Changes in equity
Profit for the year - - 85,024
Other comprehensive income - - 170,318
Total comprehensive income - - 255,342
Dividends - - (49,434 )
Transfer (9,158 ) - -
Balance at 30 April 2024 760,793 50,805 2,588,170

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 247,173 40,347 88,483

Changes in equity
Profit for the year - 72,854 -
Other comprehensive income - 42,000 -
Total comprehensive income - 114,854 -
Dividends - (49,435 ) -
Balance at 30 April 2023 247,173 105,766 88,483

Changes in equity
Profit for the year - 60,436 -
Total comprehensive income - 60,436 -
Dividends - (49,434 ) -
Transfer - 9,158 -
Balance at 30 April 2024 247,173 125,926 88,483
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 May 2022 523,957 50,805 950,765

Changes in equity
Profit for the year - - 72,854
Other comprehensive income 109,494 - 151,494
Total comprehensive income 109,494 - 224,348
Dividends - - (49,435 )
Balance at 30 April 2023 633,451 50,805 1,125,678

Changes in equity
Profit for the year - - 60,436
Total comprehensive income - - 60,436
Dividends - - (49,434 )
Transfer (9,158 ) - -
Balance at 30 April 2024 624,293 50,805 1,136,680

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 498,498 1,673,883
Interest paid (18 ) (1 )
Tax paid (42,873 ) (22,349 )
Net cash from operating activities 455,607 1,651,533

Cash flows from investing activities
Purchase of tangible fixed assets (3,075 ) -
Sale of tangible fixed assets - 1,484
Net cash from investing activities (3,075 ) 1,484

Cash flows from financing activities
Equity dividends paid (49,434 ) (49,435 )
Net cash from financing activities (49,434 ) (49,435 )

Increase in cash and cash equivalents 403,098 1,603,582
Cash and cash equivalents at beginning of
year

2

(240,707

)

(1,844,289

)

Cash and cash equivalents at end of year 2 162,391 (240,707 )

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Cash Flow Statement
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit for the financial year 85,024 174,527
Depreciation charges 24,126 17,859
Finance costs 18 1
Taxation 26,471 42,708
135,639 235,095
Decrease/(increase) in stocks 939,369 (188,060 )
Decrease in trade and other debtors 811,548 877,552
(Decrease)/increase in trade and other creditors (1,388,058 ) 749,296
Cash generated from operations 498,498 1,673,883

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 162,391 41,005
Bank overdrafts - (281,712 )
162,391 (240,707 )
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 41,005 146,026
Bank overdrafts (281,712 ) (1,990,315 )
(240,707 ) (1,844,289 )


WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Cash Flow Statement
FOR THE YEAR ENDED 30 APRIL 2024


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 41,005 121,386 162,391
Bank overdrafts (281,712 ) 281,712 -
(240,707 ) 403,098 162,391
Total (240,707 ) 403,098 162,391

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024


1. COMPANY INFORMATION

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

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern
The directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Basis of consolidation
The consolidated financial statements incorporate those of Willett & Son Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits), namely Willett and Son (Bristol) Limited and Comfeeds (Ipswich) Limited. All intra-group transactions and balances between group companies are eliminated on consolidation.

Significant judgements and estimates
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.

The directors consider that there were no significant accounting estimates requiring disclosure in these financial statements.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year ended 30 April 2024 and derives from the provision of goods and services falling within the group's ordinary activities.

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and buildings - Straight line over 50 years
Fixtures and fittings - 33.33% straight line and 25% and 15% reducing balance
Motor vehicles - 10% straight line and 25% 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.

The directors consider that due to the estimated residual value of the freehold land and buildings any depreciation would be immaterial to the financial statements.

Stocks
Stocks are valued at the lower of cost and net realisable value.

Cost includes all costs of purchase and other costs incurred in bringing the stocks to their present location and condition.

Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Cash and cash equivalents
Cash and cash equivalents 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.

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 when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. 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.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the group’s contractual obligations are discharged, cancelled, or they expire.


WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates defined contribution pension schemes. The amount charged to the profit and loss account in respect of pension costs represents total contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

During the year ended 30 April 2024, the company was principal employer of the Willett & Son Holdings Ltd Retirement & Death Benefit Scheme. Contributions are made to a separately administered fund. Contributions to this fund are charged to the profit and loss account so as to spread the cost of pensions over the working lives of employees within the company. The regular cost is attributed to individual years using the current unit method. Variations in pension cost, which are identified as a result of actuarial valuation are amortised over the average expected remaining working lives of employees in proportion to their expected payroll costs. No contributions were made in the year.

The group recognises a defined net benefit pension asset or liability in the balance sheet as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan.

Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sales 46,879,908 68,002,039
Rent receivable 43,500 47,908
46,923,408 68,049,947

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 46,923,408 68,049,947
46,923,408 68,049,947

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. OTHER OPERATING INCOME

2024 2023
£ £
Interest on bad debt - 2,081
Maintenance agreements 22,246 13,930
Sundry income 10,000 900
32,246 16,911

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 425,551 415,522
Social security costs 38,147 44,628
Other pension costs 162,453 165,993
626,151 626,143

The average number of employees during the year was as follows:
2024 2023

Management 3 2
Administration 3 6
Selling & distribution 5 4
11 12

2024 2023
£    £   
Directors' remuneration 136,120 128,924
Directors' pension contributions to money purchase schemes 97,320 99,859

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

Money purchase schemes 2 2
Defined benefit schemes 3 3

7. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 24,127 27,017

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. AUDITORS' REMUNERATION

2024 2023
Fees payable to the company's auditor: £ £

For audit services
Audit of the financial statements of the group and company 7,050 6,250
Audit of the company's subsidiaries 19,100 21,119
26,150 27,369

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 18 1

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 26,306 42,708
No description 165 -

Tax on profit 26,471 42,708

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 111,495 217,235
Profit multiplied by the standard rate of corporation tax in the UK of
24.886 % (2023 - 19.500 %)

27,747

42,361

Effects of:
Expenses not deductible for tax purposes (872 ) 2,410
Income not taxable for tax purposes (2,500 ) -
Depreciation in excess of capital allowances - 2,297
Utilisation of tax losses (245 ) (4,195 )
Adjustments to tax charge in respect of previous periods 3,058 -
Marginal relief (882 ) (165 )
Under provision of prior year tax 165 -
Total tax charge 26,471 42,708

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Remeasurement of defined benefit plan 227,090 (56,772 ) 170,318
Depreciation on revaluations
227,090 (56,772 ) 170,318

2023
Gross Tax Net
£    £    £   
Remeasurement of defined benefit plan 277,999 (74,934 ) 203,065
Revaluation of freehold property - 160,652 160,652
Depreciation on revaluations (9,158 ) - (9,158 )
268,841 85,718 354,559

The standard rate of corporation tax in the UK changed from 19% to 25% on 1 April 2023. The effective rate of corporation tax for the financial year was 25%.

11. INDIVIDUAL PROFIT AND LOSS ACCOUNT

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


WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1.00 each
Interim 49,434 49,435

13. TANGIBLE FIXED ASSETS

Group
Freehold Fixtures
land and and Motor
buildings fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 1,071,501 20,813 46,279 1,138,593
Additions - 3,075 - 3,075
At 30 April 2024 1,071,501 23,888 46,279 1,141,668
DEPRECIATION
At 1 May 2023 40,606 16,958 22,898 80,462
Charge for year 15,107 3,175 5,845 24,127
At 30 April 2024 55,713 20,133 28,743 104,589
NET BOOK VALUE
At 30 April 2024 1,015,788 3,755 17,536 1,037,079
At 30 April 2023 1,030,895 3,855 23,381 1,058,131

Cost or valuation at 30 April 2022 is represented by:


Freehold
Property
£
Cost 417,392
Valuation in 2015 157,609
Valuation in 2018 136,500
Valuation in 2022 360,000
1,071,501

The freehold property at 51 Queen Square, Bristol, BS1 4JZ was last valued by Alder King in May 2022 on a part owner-occupied/part let basis.

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


13. TANGIBLE FIXED ASSETS - continued

Company
Freehold
land and
buildings
£   
COST
At 1 May 2023
and 30 April 2024 1,060,000
DEPRECIATION
At 1 May 2023 15,106
Charge for year 15,107
At 30 April 2024 30,213
NET BOOK VALUE
At 30 April 2024 1,029,787
At 30 April 2023 1,044,894

Cost or valuation at 30 April 2022 is represented by:


Freehold
Property
£
Cost417,391
Valuation in 2015157,609
Valuation in 2018125,000
Valuation in 2022360,000
1,060,000

The freehold property at 51 Queen Square, Bristol, BS1 4JZ was last valued by Alder King in May 2022 on a part owner-occupied/part let basis.

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 35,351
NET BOOK VALUE
At 30 April 2024 35,351
At 30 April 2023 35,351

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

Subsidiaries

Willett and Son (Bristol) Limited
Registered office: England & Wales
Nature of business: Merchanting of feedstuffs and fertilisers
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,328,337 1,135,502
Profit for the year 192,835 283,225

Comfeeds (Ipswich) Limited
Registered office: England & Wales
Nature of business: Merchanting of feedstuffs and fertilisers
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 590,593 588,522
Profit for the year 2,071 21,513

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


14. FIXED ASSET INVESTMENTS - continued

Associated companies

Wisdom Agricultural Limited
Registered office: 51 Queen Street, Bristol, BS1 4LJ
Nature of business: Consultancy work in the agricultural sector
%
Class of shares: holding
Ordinary shares 36.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (481,099 ) (496,134 )
Profit for the year 15,035 12,360

Wisdom Agricultural (Investments) Limited
Registered office: 51 Queen Street, Bristol, BS1 4LJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 36.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 16,849 16,849


The group and company holds fixed asset investments in associates, being investments held in Wisdom Agricultural Limited and Wisdom Agricultural (Investments) Limited. The carrying value of those investments has been written down to £nil in each case following historical impairment reviews.

15. STOCKS

Group
2024 2023
£    £   
Finished goods and goods for
resale 633,040 1,572,409
633,040 1,572,409

Stocks recognised in cost of sales during the year as an expense were in the sum of £47,655,925 (2023 - £60,987,943).

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,849,349 3,677,533 250 250
Amounts owed by group undertakings - - 35,313 61,282
Other debtors 74,324 56,927 - -
Prepayments and accrued income 32,406 33,167 - 40,000
2,956,079 3,767,627 35,563 101,532

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) - 281,712 - -
Trade creditors 2,283,056 3,233,425 - -
Tax 26,306 42,708 20,127 20,291
Social security and other taxes 15,034 18,404 - -
VAT 33,852 25,578 33,852 25,578
Other creditors 150,871 205,732 - -
Accruals and deferred income 86,419 474,152 18,095 17,445
2,595,538 4,281,711 72,074 63,314

The group's bank borrowings are secured by fixed and floating charges over all of the group's assets.

The bank borrowings of 2023 included £250,464 due to the factoring company which was secured by a charge over the debtors book.

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 281,712

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


19. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

Group 2024 2023
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 2,956,079 3,767,627
Equity instruments measured at cost less impairment - -

Carrying amount of financial liabilities
Measured at amortised cost 2,595,537 4,281,711

The group's bank loans and overdrafts are secured by fixed and floating charges over all of the group's assets.

Company 2024 2023
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 144,401 68,747
Equity instruments measured at cost less impairment - -

Carrying amount of financial liabilities
Measured at amortised cost - -

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
247,173 Ordinary £1.00 247,173 247,173

21. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 May 2023 1,225,850 88,483 769,951 50,805 2,135,089
Profit for the year 85,024 85,024
Dividends (49,434 ) (49,434 )
Revaluation in year 170,318 - - - 170,318
Transfer 9,158 - (9,158 ) - -
At 30 April 2024 1,440,916 88,483 760,793 50,805 2,340,997

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


21. RESERVES - continued

Company
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 May 2023 105,766 88,483 633,451 50,805 878,505
Profit for the year 60,436 60,436
Dividends (49,434 ) (49,434 )
Transfer 9,158 - (9,158 ) - -
At 30 April 2024 125,926 88,483 624,293 50,805 889,507

Share premium
The share premium account represents the difference between the par value of ordinary shares issued in past years and the subscription price paid for these shares.

Revaluation reserve
The revaluation reserve represents the increase in the carrying value of freehold property on revaluation.

Capital redemption reserve
The capital redemption reserve represents the nominal value of preference share redeemed in past years, together with the nominal value of ordinary shares which the company has bought back in past years.

Retained earnings
Retained earnings represent cumulative profits and losses net of dividends and other adjustments.

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


22. EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution scheme - company
2024 2023
£ £
Charge to profit and loss in respect of defined contribution schemes 51,720 49,859

The company operates a defined contribution pension scheme in respect of the directors. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined contribution schemes - group
2024 2023
£ £
Charge to profit and loss in respect of defined contribution schemes - 181,950

The group operates defined contribution pension schemes in respect of all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.

Defined benefit scheme - group

The latest comprehensive actuarial valuation of the defined benefit plan was carried out as at 30 April 2022, valuing the plan assets at £1,757k and the present value of defined benefit obligation at £1,451k.

The present value of defined benefit obligations in the financial statements as as per the April 2022 actuarial report at £1,451k, this is not subject to annual restatement due to there being no active members and active pensioners are being paid through purchased insurance products through which the scheme has discharged its obligation.

The balance sheet net defined benefit asset is defined as follows:

Willett & Son Holdings Limited Retirement and Death Benefit Scheme

The balance sheet net defined benefit asset/(liability) is determined as follows:

2024
£
Present value of defined benefit obligations (1,451,000 )
Fair value of plan assets 1,977,824
Deferred tax on pension asset (131,706 )
395,188

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


2023
£
Present value of defined benefit obligations (1,451,000 )
Fair value of plan assets 1,750,734
Deferred tax on pension asset (74,934 )
224,800

EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligations are as follows:

£
At 1 May 2023 1,451,000
Current service cost -
Benefits paid and death in service premiums -
Remeasurement:
Actuarial gains and losses
At 30 April 2024 1,451,000

Changes in the fair value of plan assets are as follows:

£
At 1 May 2023 1,750,734
Current service cost -
Benefits paid and death in service premiums -
Interest income -
Remeasurement: -
Return on plan assets, excluding amount included in interest income 227,090
At 30 April 2024 1,977,824

The total costs for the period in relation to defined benefit plans are as follows:

2024 2023
£ £
Recognised in profit or loss:
Current service cost - -

WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024


The principal actuarial assumptions as at the balance sheet date were:
2024 2023

Discount rate (pre-retirement) 3.9% 3.9%
Discount rate (post-retirement) 2.7% 2.7%
Retail Price Inflation (pre-retirement) 4.3% 4.3%
Retail Price Inflation (post-retirement) 3.7% 3.7%
Consumer Price Inflation (pre-retirement) 3.8% 3.8%
Consumer Price Inflation (post-retirement) 3.5% 3.5%
Limited Price Indexation in deferment (pre-2009 pensions) 3.8% 3.8%
Limited Price Indexation in deferment (post-2009 pensions) 3.8% 3.8%
Pension increases (1997-2005 pensions) 3.4% 3.4%
Pension increases (post-2005 pensions) 2.3% 2.3%
Mortality rates (life expectancy):
Mortality in deferment: Nil
Mortality in retirement: 95% of S3PMA and S3PFA Base Tables, CMI 2021 projection model,long-term improvement 1.5% pa



EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as a percentage of total scheme assets are as follows:

2024 2023
% %
Equities and bonds 99.19 98.8
Cash at bank 0.81 1.2
100.00 100.00

23. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The group has provided guarantees and a debenture in favour of Clydesdale Bank plc in respect of the borrowings of Willett and Son (Bristol) Limited and Comfeeds (Ipswich) Limited. Comfeeds (Ipswich) Limited is a 100% subsidiary undertaking of Willett and Son (Bristol) Limited.

At the year end date the total indebtedness of Willlett and Son (Bristol) Limited and Comfeeds (Ipswich) Limited in respect of Clydesdale Bank plc was £Nil.

24. RELATED PARTY DISCLOSURES

Remuneration of key management personnel
The remuneration of key management personnel, who are also directors, is as follows:

2024 2023
£ £
Aggregate compensation 233,440 228,783

No guarantees have been given or received.