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REGISTERED NUMBER: 01188208 (England and Wales)















WINFIELD ENGINEERING LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17 to 26


WINFIELD ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: S P Winfield
Mrs S Winfield
J A Winfield
Mrs L K Winfield-Dingley
Mrs T K Winfield



SECRETARY: S P Winfield



REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF



REGISTERED NUMBER: 01188208 (England and Wales)



SENIOR STATUTORY AUDITOR: Theo Banos BA FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

REVIEW OF BUSINESS
The results for the year and financial position of the group are shown in the annexed documents.

The directors aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end.

Winfield Engineering Limited is the principal trading business complimented by Red Rhino Crushers (UK) Limited, a supplier of crushers and associated machinery.

Group turnover increased by 23.25% to £10,746,441 with profits after tax recorded at £1,712,196. Profitability remains strong as Red Rhino Crushers continue to grow worldwide with an increasing distributor network. This figure, after deduction of dividends, has been added to company reserves.

The company's financial strength grows yearly with shareholders' funds increasing to £7,036,706 (2023 - £5,524,510), and the directors have a clear plan for further business development.

KEY PERFORMANCE INDICATORS
The directors consider the key performance indicators to be sales, gross profit and profit on ordinary activities before taxation. A table illustrating the performance is as follows:

2024 2023
£ £

Turnover 10,746,441 8,719,469
Gross Profit 3,190,082 1,832,139
Gross Profit % 29.69% 21.01%
Profit on Ordinary Activities before 2,276,806 661,821
taxation


WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Financial instruments
The group's operations expose it to a variety of financial risks including the effect of changes to interest rates on debts, foreign exchange rates, credit risk and liquidity risks.

The group's principal financial instruments comprise cash and bank deposits, together with trade debtors and trade creditors that arise directly from its operations

The main risk arising from the group's financial instruments can be analysed as follows:

Foreign currency risk
The group is exposed in its trading operations to the risk of changes in foreign currency exchange rates. The group sells a significant amount of its goods to the US and Europe and these sales are transacted in Euros and US Dollars.

Liquidity risk
The group's policy has been to ensure continuity of funding through control of its debtors and creditors, to ensure cash reserves meet the needs of operations.

Credit risk
The group's principal financial assets are bank balances and cash which represent the group's maximum exposure to credit risk in relation to financial assets.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The group has some concentration of credit risk, with exposure spread over a limited number of large customers, however good customer relationships and debtor controls reduce this risk.

ON BEHALF OF THE BOARD:





S P Winfield - Director


30 January 2025

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

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 ACTIVITY
The principal activity of the group in the year under review was that of metal fabrication and manufacturing of mobile compact crushers.

DIVIDENDS
An interim dividend of £200 per share was paid on 21 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 200,000 .

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

S P Winfield
Mrs S Winfield
J A Winfield
Mrs L K Winfield-Dingley

Other changes in directors holding office are as follows:

Mrs T K Winfield - appointed 28 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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.

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.

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S P Winfield - Director


30 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINFIELD ENGINEERING LIMITED

Opinion
We have audited the financial statements of Winfield Engineering Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 qualified opinion
The previous year's financial statements were not audited as the company was entitled to exemption under Section 477 of the Companies Act 2006. Accordingly, the comparatives to the current year's financial statements are not audited and therefore we were unable to satisfy ourselves concerning the prior year comparatives.

Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

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 qualified 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 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.

As described in the basis for qualified opinion section of our report, we were not appointed as auditor of the company until after 30 April 2023. Accordingly, the comparatives to the current year's financial statements are not audited and therefore we were unable to satisfy ourselves concerning the prior year comparatives. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINFIELD ENGINEERING LIMITED


Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matters described in the basis for qualified opinion section of our report, 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.

Matters on which we are required to report by exception
Except for the matters described in the basis for qualified opinion section of our report, 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 directors’ report.

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 four, 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
WINFIELD ENGINEERING 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment laws and ISO9001 (Quality Management System) accreditation. The group is subject to regular internal audits to ensure compliance with Health and Safety regulations and Employment laws. Winfield Engineering Ltd is subject to regular external audits to ensure compliance with ISO9001.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance in addition to an assessment of the company's employment and health and safety controls and incident logs. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit. There is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations

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
WINFIELD ENGINEERING 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.




Theo Banos BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

31 January 2025

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

REVENUE 10,746,441 8,719,469

Cost of sales 7,556,359 6,887,330
GROSS PROFIT 3,190,082 1,832,139

Administrative expenses 1,489,380 1,193,550
1,700,702 638,589

Other operating income 586,008 29,050
OPERATING PROFIT 4 2,286,710 667,639

Interest receivable and similar income 4,777 5,510
2,291,487 673,149

Interest payable and similar expenses 5 14,681 11,328
PROFIT BEFORE TAXATION 2,276,806 661,821

Tax on profit 6 564,610 91,491
PROFIT FOR THE FINANCIAL YEAR 1,712,196 570,330

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,712,196 570,330

Profit attributable to:
Owners of the parent 1,712,196 570,330

Total comprehensive income attributable to:
Owners of the parent 1,712,196 570,330

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 4,088 6,153
Property, plant and equipment 10 2,836,395 1,909,750
Investments 11 - -
2,840,483 1,915,903

CURRENT ASSETS
Inventories 12 592,255 303,205
Debtors 13 2,514,022 2,390,639
Cash at bank and in hand 3,947,277 2,914,163
7,053,554 5,608,007
CREDITORS
Amounts falling due within one year 14 2,390,427 1,718,502
NET CURRENT ASSETS 4,663,127 3,889,505
TOTAL ASSETS LESS CURRENT LIABILITIES 7,503,610 5,805,408

CREDITORS
Amounts falling due after more than one year 15 (121,154 ) (156,389 )

PROVISIONS FOR LIABILITIES 19 (345,750 ) (124,509 )
NET ASSETS 7,036,706 5,524,510

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Retained earnings 7,035,706 5,523,510
SHAREHOLDERS' FUNDS 7,036,706 5,524,510

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





S P Winfield - Director


WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

COMPANY STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 4,088 6,132
Property, plant and equipment 10 2,435,824 1,712,906
Investments 11 100 100
2,440,012 1,719,138

CURRENT ASSETS
Inventories 12 168,114 232,815
Debtors 13 1,778,975 2,497,270
Cash at bank 1,736,187 738,640
3,683,276 3,468,725
CREDITORS
Amounts falling due within one year 14 1,499,145 921,805
NET CURRENT ASSETS 2,184,131 2,546,920
TOTAL ASSETS LESS CURRENT LIABILITIES 4,624,143 4,266,058

CREDITORS
Amounts falling due after more than one year 15 (35,783 ) (97,126 )

PROVISIONS FOR LIABILITIES 19 (274,725 ) (85,814 )
NET ASSETS 4,313,635 4,083,118

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Retained earnings 4,312,635 4,082,118
SHAREHOLDERS' FUNDS 4,313,635 4,083,118

Company's profit for the financial year 430,517 535,463

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:





S P Winfield - Director


WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

CONSOLIDATED 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 1,000 5,153,180 5,154,180

Changes in equity
Profit for the year - 570,330 570,330
Total comprehensive income - 570,330 570,330
Dividends - (200,000 ) (200,000 )
Balance at 30 April 2023 1,000 5,523,510 5,524,510

Changes in equity
Profit for the year - 1,712,196 1,712,196
Total comprehensive income - 1,712,196 1,712,196
Dividends - (200,000 ) (200,000 )
Balance at 30 April 2024 1,000 7,035,706 7,036,706

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

COMPANY 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 1,000 3,746,655 3,747,655

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 535,463 535,463
Balance at 30 April 2023 1,000 4,082,118 4,083,118

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 430,517 430,517
Balance at 30 April 2024 1,000 4,312,635 4,313,635

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,915,030 1,060,686
Interest paid (3,969 ) (2,953 )
Tax paid (85,023 ) (213,621 )
Net cash from operating activities 2,826,038 844,112

Cash flows from investing activities
Purchase of tangible fixed assets (1,477,199 ) (273,736 )
Sale of tangible fixed assets 46,614 16,900
Interest received 4,777 5,510
Net cash from investing activities (1,425,808 ) (251,326 )

Cash flows from financing activities
Loan repayments in year (3,865 ) (45,219 )
Loan and hire purchase interest (10,713 ) (8,375 )
Hire purchase capital repayments in year (55,512 ) (11,206 )
Amount introduced by directors 214,369 204,893
Amount withdrawn by directors (311,395 ) (125,545 )
Equity dividends paid (200,000 ) (200,000 )
Net cash from financing activities (367,116 ) (185,452 )

Increase in cash and cash equivalents 1,033,114 407,334
Cash and cash equivalents at beginning of year 2 2,914,163 2,506,829

Cash and cash equivalents at end of year 2 3,947,277 2,914,163

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,276,806 661,821
Depreciation charges 497,164 215,559
Loss on disposal of fixed assets 8,840 3,675
Finance costs 14,681 11,328
Finance income (4,777 ) (5,510 )
2,792,714 886,873
(Increase)/decrease in inventories (289,050 ) 21,670
Decrease in trade and other debtors 463,229 690,977
Decrease in trade and other creditors (51,863 ) (538,834 )
Cash generated from operations 2,915,030 1,060,686

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 3,947,277 2,914,163
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,914,163 2,506,829


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 2,914,163 1,033,114 3,947,277
2,914,163 1,033,114 3,947,277
Debt
Finance leases (269,969 ) 55,512 (214,457 )
Debts falling due within 1 year (3,865 ) 3,865 -
(273,834 ) 59,377 (214,457 )
Total 2,640,329 1,092,491 3,732,820

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Winfield Engineering 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - "The financial reporting standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain assets and financial instruments as specified in the accounting policies below.

The financial statements are presented in Sterling (£).

The group financial statements consolidate the financial statements of Winfield Engineering Limited and its subsidiary undertakings drawn up to 30 April each year. The parent company has taken advantage of section 408 of the Companies House Act 2006 and has not included its own Profit and Loss Account in these financial statements.

Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess between the cost of the business combination and the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated statement of financial position immediately below goodwill.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent 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":

- the requirements of Section 7 Statement of Cash Flows;

-
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 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 Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A

The disclosures above are incorporated within these consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when despatched to the customer.

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.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Development costs are being amortised evenly over their estimated useful life of 5 years

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. 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.
Short leasehold - in accordance with the property
Improvements to property - 10% on cost
Plant and machinery - 100% and 25% on reducing balance
Fixtures and fittings - 25% on cost, 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Amounts recoverable on contracts
Amounts recoverable on contracts are measured at the lower of cost and fair value, based on the stage of completion of each item within work in progress.

Financial instruments
The company has chosen to adopt the FRS102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets acquired under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of the rental obligation is charged to the profit and loss account over the period of the agreement. The capital element of future payments is included in creditors.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Costs of tooling
Where tooling costs are incurred in relation to tools made for the company's use, these costs are charged to the profit and loss account as they are incurred.

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 date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,204,990 1,986,746
Social security costs 241,305 165,207
Other pension costs 35,834 32,238
2,482,129 2,184,191

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

Production 50 44
Management and administration 17 12
67 56

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

2024 2023
£    £   
Directors' remuneration 73,396 104,794

4. OPERATING PROFIT

2024 2023
£ £
The operating profit is stated after charging/(crediting):

Depreciation - owned assets 495,100 213,242
Loss on disposal of fixed assets 8,840 3,675
Patents and licences amortisation 21 272
Development costs amortisation 2,044 2,044
Auditors' remuneration 25,000 -

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 2,223 1,582
Corporation tax interest 119 -
Bank charges 3,850 2,953
Hire purchase interest 8,489 6,793
14,681 11,328

6. 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 343,370 85,023

Deferred tax 221,240 6,468
Tax on profit 564,610 91,491

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 200,000 200,000

9. INTANGIBLE FIXED ASSETS

Group
Patents
and Development
Goodwill licences costs Totals
£    £    £    £   
COST
At 1 May 2023
and 30 April 2024 58,451 267,141 10,220 335,812
AMORTISATION
At 1 May 2023 58,451 267,120 4,088 329,659
Amortisation for year - 21 2,044 2,065
At 30 April 2024 58,451 267,141 6,132 331,724
NET BOOK VALUE
At 30 April 2024 - - 4,088 4,088
At 30 April 2023 - 21 6,132 6,153

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. INTANGIBLE FIXED ASSETS - continued

Company
Development
costs
£   
COST
At 1 May 2023
and 30 April 2024 10,220
AMORTISATION
At 1 May 2023 4,088
Amortisation for year 2,044
At 30 April 2024 6,132
NET BOOK VALUE
At 30 April 2024 4,088
At 30 April 2023 6,132

10. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 May 2023 1,246,921 238,709 8,039
Additions 10,217 71,988 4,559
Disposals - - -
At 30 April 2024 1,257,138 310,697 12,598
DEPRECIATION
At 1 May 2023 - 210,629 2,948
Charge for year - 3,865 1,260
Eliminated on disposal - - -
At 30 April 2024 - 214,494 4,208
NET BOOK VALUE
At 30 April 2024 1,257,138 96,203 8,390
At 30 April 2023 1,246,921 28,080 5,091

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 1,996,843 93,270 220,614 3,804,396
Additions 1,151,868 16,122 222,445 1,477,199
Disposals (318,885 ) (16,553 ) (76,255 ) (411,693 )
At 30 April 2024 2,829,826 92,839 366,804 4,869,902
DEPRECIATION
At 1 May 2023 1,515,463 64,207 101,399 1,894,646
Charge for year 402,676 10,539 76,760 495,100
Eliminated on disposal (300,564 ) (14,045 ) (41,630 ) (356,239 )
At 30 April 2024 1,617,575 60,701 136,529 2,033,507
NET BOOK VALUE
At 30 April 2024 1,212,251 32,138 230,275 2,836,395
At 30 April 2023 481,380 29,063 119,215 1,909,750

Company
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 May 2023 1,246,921 238,709 1,775,890
Additions 10,217 71,988 995,691
Disposals - - (288,685 )
At 30 April 2024 1,257,138 310,697 2,482,896
DEPRECIATION
At 1 May 2023 - 210,629 1,401,890
Charge for year - 3,865 338,787
Eliminated on disposal - - (278,384 )
At 30 April 2024 - 214,494 1,462,293
NET BOOK VALUE
At 30 April 2024 1,257,138 96,203 1,020,603
At 30 April 2023 1,246,921 28,080 374,000

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. PROPERTY, PLANT AND EQUIPMENT - continued

Company

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 71,231 95,379 3,428,130
Additions 1,090 27,676 1,106,662
Disposals (10,660 ) (21,500 ) (320,845 )
At 30 April 2024 61,661 101,555 4,213,947
DEPRECIATION
At 1 May 2023 49,391 53,314 1,715,224
Charge for year 5,284 15,169 363,105
Eliminated on disposal (9,392 ) (12,430 ) (300,206 )
At 30 April 2024 45,283 56,053 1,778,123
NET BOOK VALUE
At 30 April 2024 16,378 45,502 2,435,824
At 30 April 2023 21,840 42,065 1,712,906

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 100
NET BOOK VALUE
At 30 April 2024 100
At 30 April 2023 100

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Red Rhino Crushers (UK) Limited
Registered office:
Nature of business: Manufacture of mobile compact crushers
%
Class of shares: holding
£1 Ordinary shares 100.00


WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 592,255 303,205 168,114 232,815

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,131,606 1,568,933 715,289 1,044,189
Amounts recoverable on contract 617,150 369,329 174,097 157,163
Other debtors 349,595 283,174 349,594 283,174
Amounts owed from group
undertakings - - 372,671 944,080
Directors' loan accounts 14,966 - 14,966 -
VAT 316,228 79,961 121,013 -
Prepayments 84,477 89,242 31,345 68,664
2,514,022 2,390,639 1,778,975 2,497,270

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) - 3,865 - 3,865
Hire purchase contracts (see note 17) 93,303 113,580 64,957 80,680
Trade creditors 1,716,675 1,212,461 1,321,580 562,130
Taxation 343,370 85,023 - 16,135
Other taxes and social security 31,100 39,298 21,662 39,298
VAT - - - 234
Other creditors 74,631 109,022 21,186 101,327
Directors' loan accounts 26,551 108,611 26,551 108,611
Accruals and deferred income 43,209 9,525 43,209 9,525
Accrued expenses 61,588 37,117 - -
2,390,427 1,718,502 1,499,145 921,805

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 17) 121,154 156,389 35,783 97,126

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 3,865 - 3,865

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 93,303 113,580
Between one and five years 121,154 156,389
214,457 269,969

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 64,957 80,680
Between one and five years 35,783 97,126
100,740 177,806

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans - - - 3,865
Hire purchase contracts 214,457 269,969 100,740 177,806
214,457 269,969 100,740 181,671

Lloyds TSB Bank plc hold the following securities at the balance sheet date:

- Debenture secured on the leasehold property.

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

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 345,750 124,509 274,725 85,814

Group
Deferred
tax
£   
Balance at 1 May 2023 124,509
Charge to Statement of Comprehensive Income during year 221,241
Balance at 30 April 2024 345,750

WINFIELD ENGINEERING LIMITED (REGISTERED NUMBER: 01188208)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 May 2023 85,814
Charge to Income Statement during year 188,911
Balance at 30 April 2024 274,725

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

21. OTHER FINANCIAL COMMITMENTS

The following operating lease payments are committed to be paid within one year:


2024 2023
£ £
Expiring:
Within one year 30,360 100,500

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
S P Winfield
Balance outstanding at start of year - -
Amounts advanced 14,966 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,966 -

23. RELATED PARTY DISCLOSURES

During the period £40,000 (2023: £40,000) of rent was paid to a trust that is a shareholder. In addition, payments of £110,544 (2023: £88,414) were made on behalf of the trust. The balance owed from the trust at the year end is £198,958 (2023: £88,414).

During the period rent of £57,000 (2023: £58,420) and contributions of £184,633 (2023: £301,893) were paid to a pension fund, in which some of the directors have an interest.