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REGISTERED NUMBER: 09134090 (England and Wales)




















Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 30 April 2024

for

Wasdell Manufacturing Limited

Wasdell Manufacturing Limited (Registered number: 09134090)






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




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Wasdell Manufacturing Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: M Tedham





REGISTERED OFFICE: Units 6-8 Euro Way
Blagrove
Swindon
Wiltshire
SN5 8YW





REGISTERED NUMBER: 09134090 (England and Wales)

Wasdell Manufacturing Limited (Registered number: 09134090)

Strategic Report
for the Year Ended 30 April 2024

The director presents his strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
Turnover in FYE 2024 was £10.2m which reflects a growth of 25% the previous year. The company has maintained its high-profile accounts and seen growth in relation to our key account albeit this account contract will be subject of renewed terms in November 2025. Gross margin has decreased from 65.1% to 56.0% which has been driven by a combination of increase in cost of materials and mix of customer orders. EBITDA of £3.1m is down from £3.7m reflecting decrease in gross margin and negative impact on Foreign Exchange.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have identified the following risks and uncertainties currently effecting the business.

Revenue
Wasdell Manufacturing Limited supply contract with its key customer is due for renewal in November 2025 which may impact Revenue adversely. Site leadership and commercial teams are exploring different strategies to negate risk of lost revenue to the site.

Cost inflation risk
2025 will see inflationary pressures on both materials, labour and service costs as a result in the increase to the minimum wage and National insurance costs. Wasdell will look to find efficiencies to offset this impact and also work with our customers to manage costs however there is a risk of negative impact to revenue and profit as a result of these increases.

Market Risk
The company has been impacted by the ability to deal competitively with the EU market since Brexit especially in the Pharmaceutical sector. Requirements for UK manufactured products to receive repeat QC testing before being released into the EU market has added additional cost and perceived risk for EU companies that would outsource activities to UK businesses..

The company has some exposure to the Euro but manages this between the group companies to mitigate exposure.

Legislative and Regulatory Risk
The company operates under various national healthcare regulatory authorities and is committed to a process of continuous improvement and complies with all current standards and practice. The company maintains a reliable Pharmaceutical Quality System and resources to cover all products packaged at the site.

STREAMLINED ENERGY AND CARBON REPORTING
The company has declared this information within the strategic report of the consolidated accounts of Wasdell Holdings Limited.

FINANCIAL & OTHER KEY PERFORMANCE INDICATORS
The company operates IT systems which are appropriate for its size and the nature of its business. Monthly management accounts are produced and business performance, turnover, customer analysis and production analysis are continually reviewed by senior management.

The company monitors its performance using a number of performance indicators. This includes

2024 2023
£m £m
Turnover 10.2 9.1
Gross profit 5.7 5.6
EBITDA 3.1 3.7


Wasdell Manufacturing Limited (Registered number: 09134090)

Strategic Report
for the Year Ended 30 April 2024

STRATEGY AND BUSINESS MODEL
Wasdell Manufacturing Ltd is a contract provider of Pharmaceutical and Nutraceutical products.

The strategy of the business is three fold:

- Provide customers with an unrivalled and dependable service in terms of pharmaceutical and nutraceutical
products.
- To identify and explore new profitable opportunities through new technologies and innovations.
- Further grow business specifically linked to the Pharmaceutical and Life Science sectors through active
promotion of its services and capabilities.

In keeping with the overall strategy of the business, the directors have approved the investment required for the expansion of the business development team to promote its activities and services and in turn grow business.

The company has continued to grow organically over recent years with a level of new business being introduced. In 2025 Wasdell will look to develop Wasdell Manufacturing Ltd's offerings to drive growth in Revenue offsetting losses associated with the renewal of its major contract for supply.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Key management personnel have communicated with several significant customers and suppliers during the year to build on our existing relationships and ensure that key stakeholder concerns are understood and reported to the board.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
No external corporate governance code was applied because of the limited ownership of the business and the direct involvement of the key shareholder in the day-to-day affairs of the business external codes are inappropriate. Instead, the Group uses those codes as guidance as set out in this report.

ON BEHALF OF THE BOARD:





M Tedham - Director


31 January 2025

Wasdell Manufacturing Limited (Registered number: 09134090)

Report of the Director
for the Year Ended 30 April 2024

The director presents his 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 manufacture of pharmaceutical preparations.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024 (2023: £0)

DIRECTOR
M Tedham held office during the whole of the period from 1 May 2023 to the date of this report.

FINANCIAL INSTRUMENTS
The company holds or issues financial instruments in order to achieve two main objectives, being:
- to finance its operations;
- to manage its exposure to interest risks arising from its operations and its source of finance;
- for trading purposes

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

DISCLOSURE IN THE STRATEGIC REPORT
The company has opted to disclose future developments in the Strategic Report rather than the Directors Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Tedham - Director


31 January 2025

Report of the Independent Auditors to the Members of
Wasdell Manufacturing Limited

Opinion
We have audited the financial statements of Wasdell Manufacturing Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Wasdell Manufacturing Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. 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 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance
with laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the company's legal costs to check for non-compliance with laws and regulations and fraud;
- Review of tax compliance
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
expenses
- Testing transactions entered into outside of the normal course of the company's business; and
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as
journals with round numbers.


There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is 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
Wasdell Manufacturing Limited


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




David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditors
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

31 January 2025

Wasdell Manufacturing Limited (Registered number: 09134090)

Statement of Comprehensive
Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 10,292,622 9,176,140

Cost of sales 4,592,056 3,613,114
GROSS PROFIT 5,700,566 5,563,026

Distribution costs - 2,470
Administrative expenses 2,745,841 2,021,487
2,745,841 2,023,957
OPERATING PROFIT 5 2,954,725 3,539,069

Exceptional items 6 - 59,606
2,954,725 3,598,675

Interest receivable and similar income 1,841 -
2,956,566 3,598,675

Interest payable and similar expenses 7 10,533 -
PROFIT BEFORE TAXATION 2,946,033 3,598,675

Tax on profit 8 631,097 686,427
PROFIT FOR THE FINANCIAL YEAR 2,314,936 2,912,248

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,314,936

2,912,248

Wasdell Manufacturing Limited (Registered number: 09134090)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 452,368 606,682

CURRENT ASSETS
Stocks 10 1,184,449 1,163,375
Debtors 11 28,329,724 26,226,684
Cash at bank 820,524 485,590
30,334,697 27,875,649
CREDITORS
Amounts falling due within one year 12 1,332,693 1,337,453
NET CURRENT ASSETS 29,002,004 26,538,196
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,454,372

27,144,878

PROVISIONS FOR LIABILITIES 14 73,493 78,935
NET ASSETS 29,380,879 27,065,943

CAPITAL AND RESERVES
Called up share capital 15 1 1
Retained earnings 16 29,380,878 27,065,942
SHAREHOLDERS' FUNDS 29,380,879 27,065,943

The financial statements were approved by the director and authorised for issue on 31 January 2025 and were signed by:





M Tedham - Director


Wasdell Manufacturing Limited (Registered number: 09134090)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 1 24,153,694 24,153,695

Changes in equity
Total comprehensive income - 2,912,248 2,912,248
Balance at 30 April 2023 1 27,065,942 27,065,943

Changes in equity
Total comprehensive income - 2,314,936 2,314,936
Balance at 30 April 2024 1 29,380,878 29,380,879

Wasdell Manufacturing Limited (Registered number: 09134090)

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

1. STATUTORY INFORMATION

Wasdell Manufacturing 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions 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;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Wasdell Holdings Limited. as at 30 April 2024 and these financial statements may be obtained from Units 6-8 Euro Way, Blagrove, Swindon, Wiltshire, SN5 8YW, United Kingdom

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

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when goods leave the manufacturing facility.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and Machinery - 10% on straight line basis

Depreciation is charged from when an asset is bought into use. Repairs and maintenance costs are expensed as incurred.

Wasdell Manufacturing Limited (Registered number: 09134090)

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

2. ACCOUNTING POLICIES - continued

Subsequent additions and major components
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs and maintenance costs are expensed as incurred.

Derecognition
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction prices, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest method.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Wasdell Manufacturing Limited (Registered number: 09134090)

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

2. ACCOUNTING POLICIES - continued

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

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

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

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

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

2024 2023
£    £   
Sale of goods 10,292,622 9,176,140
10,292,622 9,176,140

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 549,255 229,487
Europe 9,743,367 8,946,653
10,292,622 9,176,140

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,951,672 1,686,677
Social security costs 203,098 173,663
Other pension costs 72,474 61,358
2,227,244 1,921,698

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

Direct labour 22 25
Administration and management 40 33
62 58

2024 2023
£    £   
Director's remuneration - -

Wasdell Manufacturing Limited (Registered number: 09134090)

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

5. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 170,270 106,348
Depreciation - owned assets 110,365 113,812
Auditors' remuneration 12,525 -
Foreign exchange differences 214,026 (148,493 )

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional items - 59,606

The exceptional item relates to an intercompany loan write off with a 100% owned subsidiary of £Nil (2023 £59,606)

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Corporation tax interest 10,533 -

8. 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 636,539 686,404

Deferred tax (5,442 ) 23
Tax on profit 631,097 686,427

UK corporation tax has been charged at 25% .

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 2,946,033 3,598,675
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

736,508

701,490

Effects of:
Expenses not deductible for tax purposes 1,631 -
Capital allowances in excess of depreciation - (15,382 )
Depreciation in excess of capital allowances 1,211 -
Adjustments to tax charge in respect of previous periods 20,892 296
Deferred tax adjustment (5,442 ) 23
Group relief utilised (123,703 ) -
Total tax charge 631,097 686,427

Wasdell Manufacturing Limited (Registered number: 09134090)

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

9. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 May 2023 1,430,918
Additions 54,496
Disposals (115,818 )
At 30 April 2024 1,369,596
DEPRECIATION
At 1 May 2023 824,236
Charge for year 110,365
Eliminated on disposal (17,373 )
At 30 April 2024 917,228
NET BOOK VALUE
At 30 April 2024 452,368
At 30 April 2023 606,682

10. STOCKS
2024 2023
£    £   
Stocks 841,476 858,630
Work-in-progress 21,395 87,036
Finished goods 179,501 81,655
Engineering 142,077 136,054
1,184,449 1,163,375

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 315,913 577,179
Amounts owed by group undertakings 27,863,495 25,515,426
Other debtors 1,210 42,524
VAT 64,573 -
Prepayments 84,533 91,555
28,329,724 26,226,684

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 161,158 252,165
Tax 265,648 366,108
Social security and other taxes 47,225 50,017
VAT - 23,499
Other creditors 26,669 25,673
Deferred income 677,157 563,191
Accrued expenses 154,836 56,800
1,332,693 1,337,453

Social security and other taxes above includes £12,560 (2023: £11,951) of outstanding pension contributions.

Wasdell Manufacturing Limited (Registered number: 09134090)

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

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 178,000 178,000
Between one and five years 341,167 519,167
519,167 697,167

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 73,493 78,935

Deferred
tax
£   
Balance at 1 May 2023 78,935
Credit to Statement of Comprehensive Income during year (5,442 )
Balance at 30 April 2024 73,493

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

16. RESERVES
Retained
earnings
£   

At 1 May 2023 27,065,942
Profit for the year 2,314,936
At 30 April 2024 29,380,878

17. ULTIMATE CONTROLLING PARTY

Wasdell Holdings Ltd is regarded by the director as being the company's ultimate parent company.

Wasdell Holdings Ltd is the parent company by virtue of its 100% shareholding.

Wasdell Holdings Limited, is the parent of the largest and smallest group in which the company is a member and for which group financial statements are prepared. The consolidated financial statements can be obtained from Units 6-8 Euro Way, Blagrove, Swindon, SN5 8YW.

The ultimate controlling party is M Tedham.

18. CONTINGENT LIABILITIES

Wasdell Manufacturing Limited is party to a couple of cross-guarantees including the bank borrowings of Wasdell Holdings Limited, the company’s parent, which amounted to £1,575,977 (2023 - £1,691,932) and rolling credit facilities in Wasdell Packaging Ltd of £4,000,000 at 30 April 2024 (2023: £4,000,000) and in Wasdell Europe Ltd for €5,650,000 at 30 April 2024 (2023: €5,650,000)


All cross-guarantees are secured by a fixed and floating charge over the assets of Wasdell Holdings Limited as a group, including those of Wasdell Manufacturing Limited.

Wasdell Manufacturing Limited (Registered number: 09134090)

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

19. RELATED PARTY DISCLOSURES

Companies under common control

2024 2023
£ £
Amounts due from related parties 118,744 -

The balances are interest free and repayable on demand