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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Theo Banos BA FCA |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
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 |
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 |
Property, plant and equipment | 10 |
Investments | 11 |
CURRENT ASSETS |
Inventories | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
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 |
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 |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
AMORTISATION |
At 1 May 2023 |
Amortisation for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
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 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,131,606 | 1,568,933 |
Amounts recoverable on contract | 617,150 | 369,329 |
Other debtors | 349,595 | 283,174 |
Amounts owed from group |
undertakings | - | - | 372,671 | 944,080 |
Directors' loan accounts | 14,966 | - | 14,966 | - |
VAT | 316,228 | 79,961 |
Prepayments | 84,477 | 89,242 |
2,514,022 | 2,390,639 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | - | 3,865 |
Hire purchase contracts (see note 17) | 93,303 | 113,580 |
Trade creditors | 1,716,675 | 1,212,461 |
Taxation | 343,370 | 85,023 |
Other taxes and social security | 31,100 | 39,298 |
VAT | - | - | - | 234 |
Other creditors | 74,631 | 109,022 |
Directors' loan accounts | 26,551 | 108,611 | 26,551 | 108,611 |
Accruals and deferred income | 43,209 | 9,525 |
Accrued expenses | 61,588 | 37,117 |
2,390,427 | 1,718,502 |
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 |
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 |
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 |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | - | - |
Hire purchase contracts | 214,457 | 269,969 | 100,740 | 177,806 |
214,457 | 269,969 |
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 |
Charge to Income Statement during year |
Balance at 30 April 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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. |