IRIS Accounts Production v24.3.2.46 02120023 Board of Directors 1.5.23 30.4.24 30.4.24 true false true true false false false true false Ordinary 1.00000 Non-voting 'A' 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh021200232023-04-30021200232024-04-30021200232023-05-012024-04-30021200232022-04-30021200232022-05-012023-04-30021200232023-04-3002120023ns15:EnglandWales2023-05-012024-04-3002120023ns14:PoundSterling2023-05-012024-04-3002120023ns10:Director12023-05-012024-04-3002120023ns10:CompanySecretary12023-05-012024-04-3002120023ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3002120023ns10:FRS1022023-05-012024-04-3002120023ns10:Audited2023-05-012024-04-3002120023ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-05-012024-04-3002120023ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-05-012024-04-3002120023ns10:FullAccounts2023-05-012024-04-300212002312023-05-012024-04-3002120023ns10:OrdinaryShareClass12023-05-012024-04-3002120023ns10:OrdinaryShareClass22023-05-012024-04-3002120023ns10:Director22023-05-012024-04-3002120023ns10:Director32023-05-012024-04-3002120023ns10:Director42023-05-012024-04-3002120023ns10:Director62023-05-012024-04-3002120023ns10:Director72023-05-012024-04-3002120023ns10:Director82023-05-012024-04-3002120023ns10:Director92023-05-012024-04-3002120023ns10:Director102023-05-012024-04-3002120023ns10:Director112023-05-012024-04-3002120023ns10:Director122023-05-012024-04-3002120023ns10:Director132023-05-012024-04-3002120023ns10:RegisteredOffice2023-05-012024-04-3002120023ns10:Director52023-05-012024-04-300212002312023-05-012024-04-300212002312022-05-012023-04-3002120023ns5:CurrentFinancialInstruments2024-04-3002120023ns5:CurrentFinancialInstruments2023-04-3002120023ns5:Non-currentFinancialInstruments2024-04-3002120023ns5:Non-currentFinancialInstruments2023-04-3002120023ns5:ShareCapital2024-04-3002120023ns5:ShareCapital2023-04-3002120023ns5:RevaluationReserve2024-04-3002120023ns5:RevaluationReserve2023-04-3002120023ns5:CapitalRedemptionReserve2024-04-3002120023ns5:CapitalRedemptionReserve2023-04-3002120023ns5:FurtherSpecificReserve2ComponentTotalEquity2024-04-3002120023ns5:FurtherSpecificReserve2ComponentTotalEquity2023-04-3002120023ns5:RetainedEarningsAccumulatedLosses2024-04-3002120023ns5:RetainedEarningsAccumulatedLosses2023-04-3002120023ns5:ShareCapital2022-04-3002120023ns5:RetainedEarningsAccumulatedLosses2022-04-3002120023ns5:RevaluationReserve2022-04-3002120023ns5:RetainedEarningsAccumulatedLosses2022-05-012023-04-3002120023ns5:RevaluationReserve2022-05-012023-04-3002120023ns5:RetainedEarningsAccumulatedLosses2023-05-012024-04-3002120023ns5:RevaluationReserve2023-05-012024-04-3002120023ns5:CapitalRedemptionReserve2022-04-3002120023ns5:FurtherSpecificReserve2ComponentTotalEquity2022-04-3002120023ns5:CapitalRedemptionReserve2022-05-012023-04-3002120023ns5:FurtherSpecificReserve2ComponentTotalEquity2022-05-012023-04-3002120023ns5:CapitalRedemptionReserve2023-05-012024-04-3002120023ns5:FurtherSpecificReserve2ComponentTotalEquity2023-05-012024-04-3002120023ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3002120023ns10:HighestPaidDirector2023-05-012024-04-3002120023ns10:HighestPaidDirector2022-05-012023-04-3002120023ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-05-012024-04-3002120023ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-05-012023-04-3002120023ns5:OwnedAssets2023-05-012024-04-3002120023ns5:OwnedAssets2022-05-012023-04-3002120023ns5:LeasedAssets2023-05-012024-04-3002120023ns5:LeasedAssets2022-05-012023-04-3002120023ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-012024-04-3002120023ns5:PatentsTrademarksLicencesConcessionsSimilar2022-05-012023-04-3002120023112023-05-012024-04-3002120023112022-05-012023-04-3002120023122023-05-012024-04-3002120023122022-05-012023-04-3002120023132023-05-012024-04-3002120023132022-05-012023-04-3002120023ns5:HirePurchaseContracts2023-05-012024-04-3002120023ns5:HirePurchaseContracts2022-05-012023-04-3002120023ns5:FinanceLeases2023-05-012024-04-3002120023ns5:FinanceLeases2022-05-012023-04-3002120023ns10:OrdinaryShareClass12022-05-012023-04-3002120023ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3002120023ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-3002120023ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3002120023ns5:LandBuildings2023-04-3002120023ns5:LeaseholdImprovements2023-04-3002120023ns5:PlantMachinery2023-04-3002120023ns5:LandBuildings2023-05-012024-04-3002120023ns5:LeaseholdImprovements2023-05-012024-04-3002120023ns5:PlantMachinery2023-05-012024-04-3002120023ns5:LandBuildings2024-04-3002120023ns5:LeaseholdImprovements2024-04-3002120023ns5:PlantMachinery2024-04-3002120023ns5:LandBuildings2023-04-3002120023ns5:LeaseholdImprovements2023-04-3002120023ns5:PlantMachinery2023-04-3002120023ns5:FurnitureFittings2023-04-3002120023ns5:MotorVehicles2023-04-3002120023ns5:ComputerEquipment2023-04-3002120023ns5:FurnitureFittings2023-05-012024-04-3002120023ns5:MotorVehicles2023-05-012024-04-3002120023ns5:ComputerEquipment2023-05-012024-04-3002120023ns5:FurnitureFittings2024-04-3002120023ns5:MotorVehicles2024-04-3002120023ns5:ComputerEquipment2024-04-3002120023ns5:FurnitureFittings2023-04-3002120023ns5:MotorVehicles2023-04-3002120023ns5:ComputerEquipment2023-04-3002120023ns5:LeasedAssetsHeldAsLessee2023-05-012024-04-3002120023ns5:AdditionsToInvestments2024-04-3002120023ns5:CostValuation2024-04-3002120023ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3002120023ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3002120023ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-04-3002120023ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-04-3002120023ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-04-3002120023ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-04-3002120023ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3002120023ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3002120023ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-04-3002120023ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-04-3002120023ns5:HirePurchaseContracts2024-04-3002120023ns5:HirePurchaseContracts2023-04-3002120023ns5:WithinOneYear2024-04-3002120023ns5:WithinOneYear2023-04-3002120023ns5:BetweenOneFiveYears2024-04-3002120023ns5:BetweenOneFiveYears2023-04-3002120023ns5:AllPeriods2024-04-3002120023ns5:AllPeriods2023-04-3002120023ns5:Secured2024-04-3002120023ns5:Secured2023-04-3002120023ns5:TaxLossesCarry-forwardsDeferredTax2024-04-3002120023ns5:TaxLossesCarry-forwardsDeferredTax2023-04-3002120023ns5:DeferredTaxation2023-04-3002120023ns5:DeferredTaxation2023-05-012024-04-3002120023ns5:DeferredTaxation2024-04-3002120023ns10:OrdinaryShareClass12024-04-3002120023ns10:OrdinaryShareClass22024-04-3002120023ns5:RetainedEarningsAccumulatedLosses2023-04-3002120023ns5:RevaluationReserve2023-04-3002120023ns5:CapitalRedemptionReserve2023-04-3002120023ns5:FurtherSpecificReserve2ComponentTotalEquity2023-04-30
REGISTERED NUMBER: 02120023 (England and Wales)



















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2024

for

W B Power Services Limited

W B Power Services Limited (Registered number: 02120023)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


W B Power Services Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: V A Wilmott
A K Wilmott
C M Wilmott
D Buttar
D J Grummitt
P Hamblett
R Carter
M J Muhl
D L Ball
R Betteridge
T Desai
K Stevenson





SECRETARY: A K Wilmott





REGISTERED OFFICE: Heanor Gate Industrial Estate
Heanor Gate Road
Heanor
Derbyshire
DE75 7RJ





REGISTERED NUMBER: 02120023 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

W B Power Services Limited (Registered number: 02120023)

Strategic Report
for the Year Ended 30 April 2024

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

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of the business during the past financial year and its position at the year-end. Our review is consistent with the size, nature and complexity of the business.

This report reflects the progress made by the business in the 12 months of trading to 30 April 2024. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the business as a whole, those being turnover and profit margins.

Turnover has increased by 31% (2023 - 108.9%) to £142.8m. In 2024, the company has continued to attract large projects and has also increased its hire fleet, resulting in an increase in turnover.

The company's gross profit margin has increased by 2.4% to 25.8% due to improved margins from projects.

The company saw growth across all areas of the business and invested further to support the growth of the hire business. Further investment was also made in land and buildings to support future growth in the business. The company has continued to utilise its leased borrowing facilities to fund this capital expenditure.

The company has continued to invest in the development of new renewable products. This will be a significant source of growth for the business moving forward with additional new products planned and production scheduled across the next financial year and into the future.

In addition, the company has continued to invest further overhead and operational costs in sales and delivery capabilities to drive future growth and improve control in the business. The benefits of these investments will be seen in the continued growth of the business in future periods.

The directors are satisfied with the results and year-end financial position, and the directors hope to achieve growth by additional contracts won, improved efficiencies and a continuous monitoring of overheads.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. The profitability and infrastructure of the business within the company are continually monitored by the directors in the light of changes within the highly competitive industry and changes implemented where deemed appropriate. The principal risks are considered to be single sourcing of our main generator product (SDMO) and the influx of cheaper products into the market place from abroad.

SECTION 172(1) STATEMENT
The directors consider, both individually and together, that they have acted in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 30 April 2024.

ENGAGEMENT WITH EMPLOYEES
Within the bounds of confidentiality, staff at all levels are kept fully informed of matters that affect the
progress of the company and group and are of interest to them as employees.

Disabled persons are given full and fair consideration for all types of vacancy. If an existing employee
becomes disabled, such steps as are practical and reasonable are taken to retain him/her in employment. Where appropriate, assistance with rehabilitation and suitable training are given. Disabled persons have equal opportunities for training, career development and promotion, except insofar as such opportunities are constrained by the practical limitations of their disability.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors have had regard to the need to foster the company's business relationships with suppliers, customers and others.


W B Power Services Limited (Registered number: 02120023)

Strategic Report
for the Year Ended 30 April 2024

FINANCIAL INSTRUMENTS
The company uses basic financial instruments such as hire purchase, finance leases and banking facilities to finance capital expenditure and growth.

Cash flow risk
Cash flow is carefully managed and the directors consider that the controls and facilities in place are adequate to meet the needs of the business.

Financial risk
The directors manage the company's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the company's providers of finance and its other external financial advisers.

Interest rate risk
The company finances its operations through a mixture of retained profits, bank borrowing and hire purchase leases.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through bank borrowings and retained profits. The company policy throughout the period has been to ensure continuity of funding and short term flexibility was achieved by overdraft facilities.

Currency risk
Currency risk is restricted to the short term settlement of trading balances with customers and suppliers.

ORGANISATION
The directors continue to monitor the company's organisation and profitability in light of changes within a highly competitive industry. Changes are implemented where deemed appropriate in order to minimise the effects of the risks and uncertainties the company faces in retaining market share and maintaining margins.

RESEARCH AND DEVELOPMENT
The company continues to invest in the quality and design of its products believing that continued investment in research and development is fundamental to the growth of the business.

ON BEHALF OF THE BOARD:





A K Wilmott - Secretary


31 January 2025

W B Power Services Limited (Registered number: 02120023)

Report of the Directors
for the Year Ended 30 April 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of industrial plant engineering and hire.

DIVIDENDS
An interim dividend of £2636.4716 per share was paid on the Ordinary £1 shares on 1 May 2023. No dividends were paid on the Non-voting 'A' £1 shares.

The total distribution of dividends for the year ended 30 April 2024 will be £ 6,591,179 .

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

V A Wilmott
A K Wilmott
C M Wilmott
D Buttar
D J Grummitt
P Hamblett
R Carter
M J Muhl
D L Ball
R Betteridge
T Desai

Other changes in directors holding office are as follows:

G R Halliday - resigned 14 March 2024
K Stevenson - appointed 14 March 2024

DISCLOSURE IN THE STRATEGIC REPORT
The matters required to be disclosed under SI (2008) 410 Sch 7 relating to financial instruments and research and development are contained within the Strategic Report as applicable in accordance with s414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


W B Power Services Limited (Registered number: 02120023)

Report of the Directors
for the Year Ended 30 April 2024

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

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



A K Wilmott - Secretary


31 January 2025

Report of the Independent Auditors to the Members of
W B Power Services Limited

Opinion
We have audited the financial statements of W B Power Services Limited (the 'company') for the year ended 30 April 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 April 2024 and of its 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 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 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
W B Power Services Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 pages four and 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 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 company or to cease operations, or have no realistic alternative but to do so.

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.

Based on our understanding of the company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the power services industry and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance.

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

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

Report of the Independent Auditors to the Members of
W B Power Services 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.




Ian Neal FCA CTA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

31 January 2025

W B Power Services Limited (Registered number: 02120023)

Profit and Loss Account
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 142,756,485 109,132,696

Cost of sales 105,987,614 83,578,817
GROSS PROFIT 36,768,871 25,553,879

Administrative expenses 18,125,627 12,225,194
OPERATING PROFIT 4 18,643,244 13,328,685

Interest receivable and similar income 218,186 -
18,861,430 13,328,685

Interest payable and similar expenses 5 1,212,330 895,056
PROFIT BEFORE TAXATION 17,649,100 12,433,629

Tax on profit 6 4,684,836 2,396,857
PROFIT FOR THE FINANCIAL YEAR 12,964,264 10,036,772

OTHER COMPREHENSIVE INCOME
Surrender of share options 135,701 16,963
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

135,701

16,963
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

13,099,965

10,053,735

W B Power Services Limited (Registered number: 02120023)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 175,086 151,030
Tangible assets 9 51,902,774 31,937,994
Investments 10 1 -
52,077,861 32,089,024

CURRENT ASSETS
Stocks 11 13,100,047 11,369,921
Debtors 12 59,948,919 20,442,891
Cash at bank 6,832,334 20,341,868
79,881,300 52,154,680
CREDITORS
Amounts falling due within one year 13 85,558,800 55,117,312
NET CURRENT LIABILITIES (5,677,500 ) (2,962,632 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

46,400,361

29,126,392

CREDITORS
Amounts falling due after more than one
year

14

(16,919,048

)

(10,703,000

)

PROVISIONS FOR LIABILITIES 18 (9,328,411 ) (4,643,575 )
NET ASSETS 20,152,902 13,779,817

CAPITAL AND RESERVES
Called up share capital 19 5,000 5,000
Revaluation reserve 20 361,300 361,300
Capital redemption reserve 20 5,000 5,000
Share option reserve 20 - 135,701
Retained earnings 20 19,781,602 13,272,816
SHAREHOLDERS' FUNDS 20,152,902 13,779,817

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





A K Wilmott - Director


W B Power Services Limited (Registered number: 02120023)

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

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 May 2022 5,000 6,885,697 535,232

Changes in equity
Dividends - (3,840,548 ) -
Total comprehensive income - 10,227,667 (173,932 )
Balance at 30 April 2023 5,000 13,272,816 361,300

Changes in equity
Dividends - (6,591,179 ) -
Total comprehensive income - 13,099,965 -
Balance at 30 April 2024 5,000 19,781,602 361,300
Capital Share
redemption option Total
reserve reserve equity
£    £    £   
Balance at 1 May 2022 5,000 272,086 7,703,015

Changes in equity
Share options vesting - (136,385 ) (136,385 )
Dividends - - (3,840,548 )
Total comprehensive income - - 10,053,735
Balance at 30 April 2023 5,000 135,701 13,779,817

Changes in equity
Share options vesting - (135,701 ) (135,701 )
Dividends - - (6,591,179 )
Total comprehensive income - - 13,099,965
Balance at 30 April 2024 5,000 - 20,152,902

W B Power Services Limited (Registered number: 02120023)

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

1. STATUTORY INFORMATION

W B Power Services 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 Company Information page.

2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company is a wholly owned subsidiary undertaking of The Wilmott Group Limited. The company has taken advantage of the exemption contained within Financial Reporting Standard 102 and has therefore not disclosed transactions with entities which form part of this group, other than as normally disclosed in the notes to the financial statements.

Turnover
Other than on certain long term contracts, turnover represents the amounts (excluding value added tax) derived from the provision of goods, services and rentals charged under operating leases. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment. On certain long term contracts, turnover represents the estimated sales value of the work performed in the year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are not being amortised as the asset is not yet available for use.

W B Power Services Limited (Registered number: 02120023)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Land and buildings- 2% on revaluation and 2% on cost
Hire generators- 10% on revaluation and 10% on cost
Plant and equipment- 15% on reducing balance
Fixtures and fittings- 20% to 33% on cost
Motor vehicles- 25% on reducing balance and 10% on cost
Locomotives- 2.5% on cost
Software- 20% on cost

Freehold land is not depreciated.

The assets' residual values, useful lives and the depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for slow moving and obsolete items.

Work in progress cost includes direct labour. Cost represents the invoiced cost of materials and parts on an average cost basis and an appropriate amount of fixed and variable overheads.

Net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal.

At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Long term contract balances are stated at total costs incurred, net of amounts transferred to the profit and loss account in respect of work carried out to date, less foreseeable losses and applicable payments on accounts.

Deferred tax
Deferred tax arises from timing differences that are differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted.

Provision is made at current rates for taxation deferred in respect of all material timing differences.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


W B Power Services Limited (Registered number: 02120023)

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

2. ACCOUNTING POLICIES - continued

Share based payments
The company issues equity-settled, share based options to certain directors which are measured at fair value and recognised as an expense in the profit and loss account with a corresponding increase in the profit and loss reserve. The costs of associated national insurance contributions are borne by the director.

The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. The fair values of these payments are measured at the dates of the grant and are recognised over the period during which the directors become unconditionally entitled to the award. At the balance sheet date, the company revises its estimates of the number of options that are expected to vest and recognises the impact of the revision to original estimates, if any, in the profit and loss account, with a corresponding adjustment to the profit and loss reserve.

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

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

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

Pension costs and other post-retirement benefits
The company operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Invoice discounting
The debts discounted are included within trade debtors with a financing limit relating to proceeds received from the invoice discounter included within debtors.

The interest element and other discount charges are recognised within the profit and loss account as they accrue.

W B Power Services Limited (Registered number: 02120023)

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

2. ACCOUNTING POLICIES - continued

Judgements in applying accounting policies and key sources of estimation
In the application of the company's accounting policies the directors are required to make judgement estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

Tangible fixed assets are depreciated over their useful economic lives taking in to account their 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 the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken in to account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost.

The value of stock is assessed for impairment. In re-assessing the stock value, factors such as slow movement and obsolescence are taken in to account.

Land and buildings are held at fair value based on an expert's valuation taking into account local conditions and market values for similar properties. The assumptions are reviewed at least annually and revisions recognised in the current or previous period as is applicable.

Long term contracts are those extending in excess of 12 months and any of a shorter duration which are material to the activity of the period. Attributable profit is recognised once the outcome of a long term contract can be assessed with reasonable certainty. Attributable profit is recognised on the cost percentage completion method. Immediate provision is made for all foreseeable losses if a contract is assessed as unprofitable.

The value of the equity-settled, share based options and the number of options that are expected to vest are assessed annually as noted in the specific accounting policy.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 12,367,460 8,833,847
Social security costs 1,334,019 950,048
Other pension costs 968,748 615,793
14,670,227 10,399,688

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

Directors 12 12
Management and administration 144 89
Engineers and drivers 152 120
308 221

W B Power Services Limited (Registered number: 02120023)

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

3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 1,130,807 789,305
Directors' pension contributions to money purchase schemes 127,138 61,495

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

Money purchase schemes 10 9

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 182,135 143,838
Pension contributions to money purchase schemes 13,499 15,431

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery -
within administrative expenses 910,659 680,228
Depreciation - owned assets 2,142,845 1,222,985
Depreciation - assets on hire purchase contracts 2,538,466 1,865,292
Loss/(profit) on disposal of fixed assets 55,415 (262,972 )
Development costs amortisation 23,124 -
Auditors' remuneration 63,300 19,250
Auditors' remuneration for non audit work 10,213 7,734
Foreign exchange differences (36,568 ) -
Leased generator income (8,687,661 ) (7,784,557 )
Research and development 500,000 152,143
Hire of plant and machinery - within cost of sales 17,988 7,546

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 179,378 164,876
Hire purchase interest 1,031,955 714,133
Finance lease interest 997 16,047
1,212,330 895,056

W B Power Services Limited (Registered number: 02120023)

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

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax:
Origination and reversal of timing differences 4,684,836 2,396,857
Tax on profit 4,684,836 2,396,857

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

2024 2023
£    £   
Profit before tax 17,649,100 12,433,629
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19.493%)

4,412,275

2,423,687

Effects of:
Expenses not deductible for tax purposes 7,020 4,451
Other timing differences 260,901 7,274
Research and development - (38,555 )
Group relief 4,640 -
Total tax charge 4,684,836 2,396,857

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Surrender of share options 135,701 - 135,701

2023
Gross Tax Net
£    £    £   
Surrender of share options 16,963 - 16,963

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 6,591,179 3,840,548

W B Power Services Limited (Registered number: 02120023)

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

8. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 May 2023 151,030
Additions 47,180
At 30 April 2024 198,210
AMORTISATION
Amortisation for year 23,124
At 30 April 2024 23,124
NET BOOK VALUE
At 30 April 2024 175,086
At 30 April 2023 151,030

9. TANGIBLE FIXED ASSETS
Land and Hire Plant and
buildings generators equipment
£    £    £   
COST OR VALUATION
At 1 May 2023 4,326,569 31,274,020 884,083
Additions 1,783,927 19,442,387 182,983
Disposals (19,670 ) (75,812 ) -
At 30 April 2024 6,090,826 50,640,595 1,067,066
DEPRECIATION
At 1 May 2023 282,964 7,831,293 561,864
Charge for year 120,173 3,613,531 55,021
Eliminated on disposal (94 ) (46,349 ) -
At 30 April 2024 403,043 11,398,475 616,885
NET BOOK VALUE
At 30 April 2024 5,687,783 39,242,120 450,181
At 30 April 2023 4,043,605 23,442,727 322,219

W B Power Services Limited (Registered number: 02120023)

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

9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Locomotives Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 1,162,559 4,910,498 309,135 42,866,864
Additions 433,137 2,981,600 - 24,824,034
Disposals (9,005 ) (166,142 ) - (270,629 )
At 30 April 2024 1,586,691 7,725,956 309,135 67,420,269
DEPRECIATION
At 1 May 2023 755,116 1,244,481 253,152 10,928,870
Charge for year 224,821 660,037 7,728 4,681,311
Eliminated on disposal (5,075 ) (41,168 ) - (92,686 )
At 30 April 2024 974,862 1,863,350 260,880 15,517,495
NET BOOK VALUE
At 30 April 2024 611,829 5,862,606 48,255 51,902,774
At 30 April 2023 407,443 3,666,017 55,983 31,937,994

Included in cost or valuation of land and buildings is freehold land of £ 280,000 (2023 - £ 280,000 ) which is not depreciated.

Cost or valuation at 30 April 2024 is represented by:

Land and Hire Plant and
buildings generators equipment
£    £    £   
Valuation in 2014 - 1,424,029 -
Cost 6,090,826 49,216,566 1,067,066
6,090,826 50,640,595 1,067,066

Fixtures
and Motor
fittings vehicles Locomotives Totals
£    £    £    £   
Valuation in 2014 - - - 1,424,029
Cost 1,586,691 7,725,956 309,135 65,996,240
1,586,691 7,725,956 309,135 67,420,269

W B Power Services Limited (Registered number: 02120023)

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

9. TANGIBLE FIXED ASSETS - continued

If hire generators had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 50,706,299 31,339,724
Aggregate depreciation 11,908,821 8,335,069

Hire generators were valued on a current market basis on 30 April 2014 by Powerfind International Ltd .

The net book value of tangible fixed assets includes £25,345,572 (2023 - £16,125,558) in respect of assets held under hire purchase contracts.

Locomotives used by the company for leasing activities comprised a cost of £309,135 (2023 - £309,135) and accumulated depreciation of £260,880 (2023 - £253,152). Depreciation for the year on these assets was £7,728 (2023 - £7,728).

Hire generators used by the company for leasing activities comprised a cost/revalued amount of £50,640,595 (2023 - £31,274,020). Accumulated depreciation of £11,398,475 (2023 - £7,831,293). Depreciation for the year on these assets was £3,613,531 (2023 - £2,325,482).

10. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
Additions 1
At 30 April 2024 1
NET BOOK VALUE
At 30 April 2024 1

The company's investments at the balance sheet date in the share capital of companies include the following:

Meadowbank Way Management limited
Registered office: Manor House, Gonalston, Nottingham, England, NG14 7JA
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 33.33

11. STOCKS
2024 2023
£    £   
Parts and consumables 7,668,970 6,117,171
Work-in-progress 5,431,077 5,252,750
13,100,047 11,369,921

W B Power Services Limited (Registered number: 02120023)

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

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 23,839,845 18,542,161
Amounts owed by group undertakings 3,742,838 -
Amounts recoverable on contract 29,360,875 984,813
Other debtors 1,926,128 128,487
Owed by related parties 181,886 116,208
Directors' current accounts 175,000 -
Prepayments 722,347 671,222
59,948,919 20,442,891

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 292,757 706,898
Other loans (see note 15) - 45,352
Hire purchase contracts (see note 16) 5,944,065 3,930,080
Payments on account 15,349 885,286
Trade creditors 55,452,036 25,902,131
Social security and other taxes 443,141 3,631,966
Other creditors 153,210 343,436
Accruals and deferred income 23,258,242 19,671,647
Deferred government grants - 516
85,558,800 55,117,312

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 1,915,666 2,207,134
Hire purchase contracts (see note 16) 15,003,382 8,494,317
Deferred government grants - 1,549
16,919,048 10,703,000

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 292,757 706,898
Amounts due under invoice discounting
arrangements

-

45,352
292,757 752,250

Amounts falling due between one and two years:
Bank loans - 1-2 years 285,090 297,067

W B Power Services Limited (Registered number: 02120023)

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

15. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,630,576 1,122,162

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years - 787,905

The loans are repayable on 5 year terms, at interest rates of between 3.38% and 12.69%.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,944,065 3,930,080
Between one and five years 15,003,382 8,494,317
20,947,447 12,424,397

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,240,006 922,551
Between one and five years 940,385 1,142,207
2,180,391 2,064,758

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,208,423 2,914,032
Hire purchase contracts 20,947,447 12,424,397
Invoice discounting - 45,351
23,155,870 15,383,780

Bank loans are secured by way of fixed and floating charges or by a charge on certain land, buildings and other assets.

Hire purchase balances are secured on the assets to which they relate.

W B Power Services Limited (Registered number: 02120023)

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

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Tax losses carried forward (523,126 ) (183,367 )
Accelerated capital allowances 9,851,537 4,826,942
9,328,411 4,643,575

Deferred
tax
£   
Balance at 1 May 2023 4,643,575
Provided during year 4,684,836
Balance at 30 April 2024 9,328,411

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,500 Ordinary £1 2,500 2,500
2,500 Non-voting 'A' £1 2,500 2,500
5,000 5,000

20. RESERVES
Capital Share
Retained Revaluation redemption option
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 1 May 2023 13,272,816 361,300 5,000 135,701 13,774,817
Profit for the year 12,964,264 12,964,264
Dividends (6,591,179 ) (6,591,179 )
Employees' share option
reserve

135,701

-

-

-

135,701
Share options vesting - - - (135,701 ) (135,701 )
At 30 April 2024 19,781,602 361,300 5,000 - 20,147,902

21. ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent company is The Wilmott Group Limited. The registered office of The Wilmott Group Limited is Heanor Gate Industrial Estate, Heanor Gate Road, Heanor, Derbyshire, England, DE75 7RJ. Copies of the consolidated financial statements are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

W B Power Services Limited (Registered number: 02120023)

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

22. RELATED PARTY DISCLOSURES

The directors maintain current accounts with the company. At the balance sheet date, the balances owed from such persons are included within the debtors note. The balances are interest free and repayable on demand.

During the prior year, the company sold a property to a Retirement Benefit scheme, a pension scheme in which some of the directors are trustees and beneficiaries. Proceeds from the sale were £520,000. During the year the company paid rent to the pension scheme of £26,438 (2023 - £5,698).

23. SHARE-BASED PAYMENT TRANSACTIONS

In 2017, the company granted 280 share options to two directors and four employees, at an exercise price of £186.

In 2020, the company granted 98 share options to one director and one employee, at an exercise price of £404.

In 2023, 42 share options were surrendered. During the year, 336 share options were surrendered.

24. EMPLOYEE BENEFITS

Included within the notes to the financial statements are payments to the defined contribution pension scheme. Also included within the notes to the financial statements is an amount for share options vesting.