REGISTERED NUMBER: 05889635 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
for |
Wasdell Holdings Limited |
REGISTERED NUMBER: 05889635 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
for |
Wasdell Holdings Limited |
Wasdell Holdings Limited (Registered number: 05889635) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
Wasdell Holdings Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Wasdell Holdings Limited (Registered number: 05889635) |
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 |
Turnover for the 2024 year end was £55.8m which has decreased from £58.1m in the previous year. This was driven by a reduction of sales from the groups Irish entity which experienced capacity constraints during the year. Whilst the Irish operation improved its trading profit in 2024/25, Wasdell Holdings accepted an attractive offer to purchase the Irish premises and equipment with the transaction completed in August 2024. A number of key customer accounts were moved to Wasdell Packaging and there will be a positive cashflow impact for the group in year ended 30 April 2025. Otherwise the company has maintained its high-profile accounts. Gross margin decreased from 31.2% to 20.3% reflecting the impact of this Irish operation which experienced a negative gross margin aligned with decreased sales and divestment of the Irish business. The company is on target to improve its gross margin in 2025 based on improved trading firstly and subsequent sale of the Irish business. |
FINANCIAL & OTHER KEY PERFORMANCE INDICATORS |
The company monitors its performance using a number of performance indicators. This include: |
2024 | 2023 |
£m | £m |
Turnover | 55.8 | 58.2 |
Gross profit | 11.3 | 18.1 |
EBITDA | (0.9) | 7.6 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors have identified the following risks and uncertainties currently effecting the business. |
Market Risk |
The company has been impacted by the ability to deal competitively with the EU market since Brexit especially in the Pharmaceutical sector. Requirements for UK manufactured products to receive repeat QC testing before being released into the EU market has added additional cost and perceived risk for EU companies that would outsource activities to UK businesses prior. This has little effect on current business with majority of customers being located in the UK however inspiring new business means Wasdell Packaging is at a disadvantage to EU competitors. There is still significant potential in the UK with only a handful of Pharmaceutical companies partnering with Wasdell currently but this is where a targeted approach to the UK and ROW customers needs to be focused to inspire new business. The company has some exposure to the Euro but manages this between the group companies to mitigate exposure. |
Legislative and Regulatory Risk |
The company operates under various national healthcare regulatory authorities and is committed to a process of continuous improvement and complies with all current standards and practice. The company maintains a reliable Pharmaceutical Quality System and resources to cover all products packaged at the site. |
Actions of Competitors |
The Wasdell Group holds a unique position in terms of services and size within the UK market space. Wasdell finds itself competing against large multi-national pure Pharmaceutical service provider with sites within the UK. |
STRATEGY AND BUSINESS MODEL |
The Wasdell Group is a contract provider of packaging and storage and distribution services to the Pharmaceutical and Nutraceutical sectors. |
The strategy of the business is three fold: |
1. Provide customers with an unrivalled and dependable service in terms of contract packaging and third party logistic services. |
2. To identify and explore new profitable opportunities through new technologies and innovations. |
3. Further grow business specifically linked to the Pharmaceutical and Life Science sectors through active promotion of its services and capabilities. |
In keeping with the overall strategy of the business, the directors have approved the investment required for the expansion of the business development team to promote its activities and services and in turn grow business. The company has continued to grow organically over recent years with a level of new business being introduced. However, with active investment and expansion within sales and marketing, it is believed that a faster level of growth can be expected over the coming years with more visibility and higher awareness of high level potential customers. New business development personnel as well as increased marketing activities are expected to commence during FYE 2025 with traction envisaged to be gained Q4 2024/Q1 2025. |
Wasdell Holdings Limited (Registered number: 05889635) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
SECTION 172(1) STATEMENT |
This statement is key to ensuring the Board references stakeholder interests in decision making. |
The Board is undertaking an ongoing review to further recognise all stakeholders, including those previously referenced, the workforce and shareholders, and to ensure stakeholders' views and interest are properly understood and are factored into decision making. |
Whilst the growth to date will have a positive impact on stakeholders, threat to that growth due to space constraints could impact severely on the stakeholders future. Negative impacts on the companies operations will lead to employment opportunities both in absolute but equally qualitative terms will fall if the company is constrained from growing and operating efficiently. The could also be a negative impact on suppliers and customers. |
however any new site will benefit some over others in the community and there is always some environment change involved in a new site, thus the net gains of a new site need to be considered. This assessment to include the need for the company to offer a service that maintains a reputation for high standards of business conduct. |
Appointments to the Board during this period are set out in the directors report. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Key management personnel have communicated with several significant customers and suppliers during the year to build on our existing relationships and ensure that key stakeholder concerns are understood and reported to the board. |
Communities and partners |
During the period the Group has made a number of donations and engaged with a number of local and overseas charities including: the Langholm Common Ridings and Julia's House. |
STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS |
No external corporate governance code was applied because of the limited ownership of the business and the direct involvement of the key shareholder in the day-to-day affairs of the business external codes are inappropriate. Instead, the Group uses those codes as guidance as set out in this report. |
STREAMLINED ENERGY AND CARBON REPORTING |
Introduction |
The Wasdell Group ‘The Group’ is a fast-growing contract service partner offering end-to-end supply chain services. Currently operating across multiple sites in Europe and shipping to over 20 countries, we are devoted to enabling the supply of critical medicines across the globe. |
Established in 1971, The Wasdell Group supports customers from clinical to commercial supply, with a particular focus on flexible, small batch packaging and oral liquid manufacturing. |
Customer-centric in our approach we offer the pharmaceutical, nutraceutical and veterinary industries tailored |
solutions that meet their needs. |
The Group has a mandatory obligation under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 to disclose our UK energy and greenhouse gas (GHG) emissions. Specifically, and as a minimum, we are required to report those GHG emissions relating to gaseous fuels, liquid fuels, electricity (grid-supplied or self-produced), transport fuel from company owned vehicles and business mileage. We will use intensity ratios (energy performance indicators) to normalise our energy and carbon figures as part of our commitment to the Streamlined Energy and Carbon Reporting (SECR) regulations 2018. |
To ensure we achieve the transparency required we have commissioned a third-party, Professional Energy Management Ltd. (PEM) to compile this report. |
The Group currently (1st May 2024) consists of three UK sites. A list of the sites and annual turnover for 2023/24 are shown below. The turnover will be used to calculate the intensity ratio. |
1. Newcastle - Unit 3 & 4, Greenfinch Way, Newcastle upon Tyne, NE15 8NX - £10,292,621 |
2. Swindon - EuroWay Industrial Estate, Blagrove, Swindon, SN5 8YW - £32,374,633 |
3. Swindon - Unit 6 Stephenson Road, Swindon, SN25 5AX - combined with 2 (estimated separate £3,895,918) |
Total combined turnover is - £42,667,254 |
Wasdell Holdings Limited (Registered number: 05889635) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
Period |
The annual period covered (the ‘period’) for the purposes of the streamlined energy & carbon reporting section is |
one full financial year. |
1st May 2023 to 30th April 2024 |
Emission Scope |
Scope 1 |
- Emissions resulting from combustion of fuels in stationary sources, e.g., boilers (natural gas) |
- Emissions resulting from the combustion of fuels in company owned/controlled mobile combustion sources (e.g. heavy goods vehicles, company cars and fuel used for business purposes). |
Scope 2 |
- Emissions from the generation of purchased electricity that is consumed in its owned or controlled |
equipment or operations. |
Conversion Factors, Emission Factors & Global Warming Potential |
We have used the following conversion and emission factors to output energy use in kilo-watt hours (kWh) and tonnes of CO2e (tonnes of carbon dioxide equivalent). |
The emission factors are blended between 2022/23 & 2023/24 factors due to the period overlapping both years. |
31 days in the 2022/23 BEIS Emission Factors Released - 1st June 2022 (for 1st June 2022 to 31st May 2023). |
335 days in the 2023/24 BEIS Emission Factors Released - 1st June 2023 (for 1st June 2023 to 31st May 2024). |
Conversion Factors (2023/24) |
- Diesel transport fuel (litres) to (kWh . gross CV) . multiply by 10.55 |
Emission Factors (2022/23 & 2023/24 Blended) |
- Grid supplied electricity (2022/23 no Transport & Distribution Losses) . 0.20591 kg CO2e/kWh |
- Natural gas (gross CV) . 0.18289 kg CO2e/kWh |
- Diesel transport fuel . 0.25203 kg CO2e/kWh |
Scope and boundary |
The boundary includes all the UK sites within The Group. The site in the republic of ireland has not been included in this reporting year. All gaseous fuels combusted on site together with all grid supplied electricity is included within the scope. Fuel consumed in company owned vehicles is included within the scope. |
Energy Consumption |
This methodology follows the GHG Reporting Protocol and uses blended emission factors using the 2022 and 2023 Government emission conversion factors for greenhouse gas company reporting. The conversion factors are updated annually and are generally released each year in June. |
For the Newcastle gas supply (MPRN 9320564109) we used the 2022/23 data due to the unavailability of the invoices during the 2023/24 period. As business has run as normal and the use of the building remains the same as last year, this should be an accurate estimated representation of the energy consumption. |
Scope | Energy Source | Consumption (kWh) | Scope Emissions Calculation |
Scope 1 |
Gas - total kWh used for the period taken from gas bills for The Group based on gross calorific value of fuel |
988,686.39 kWh | 988,686.39 kWh x 0.18289 kgCO2e/kWh = 180,820.85 kgCO2e/yr = 180.8 tCO2e/yr |
Scope 1 |
Company owned vehicles - Haulage vehicles, company cars and fuel used for business purposes. |
Total litres of diesel fuel 272 x 10.55 Wh/litre = 2,869.6 kWh |
2,869.6 kWh x 0.25203 kgCO2e/kWh = 723.2 kgCO2e = 0.72 tCO2e/yr |
Scope 2 |
Electricity - total kWh used for the year, taken from the electricity bills for each site within The The Group |
3,971,586.60 kWh | 3,971,586.60 kWh x 0.20591 kgCO2e/kWh = 817,789.39kgCO2e /yr= 817.8 tCO2e/yr |
Total | 4,963,142.59 kWh | 999.32 tCO2e/yr |
Intensity ratio | Emissions data (tCO2e) compared with an appropriate businessactivity. |
999.32 tCO2e/£42,667,254 = 0.0234 kgCO2e/£ turnover |
Wasdell Holdings Limited (Registered number: 05889635) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
Disclosure of information |
The disclosure for the period is shown below. |
UK Greenhouse gas emissions, energy use and intensity ratios for the period |
2021/22 |
2022/23 |
2023/24 |
Energy consumption used to calculate emissions (kWh) | 5,393,642 | 5,040,988 | 4,963,142.59 |
Energy consumption breakdown (kWh)- Gas- Electricity- Transport Fuel |
937,8324,272,9 39182,872 |
1,016,1123,85 7,911166,965 |
988,686.393,97 1,586.602,869.6 |
Scope 1 - emissions in metric tonnes tCO2e | 2021/22 | 2022/23 | 2023/24 |
Gas consumption | 171.6 | 185.5 | 180.8 |
Owned transport - Haulage Vehicles | 46.3 | 42.3 | 0.72 |
Total Scope 1 - emissions in metric tonnes tCO2e | 217.9 | 227.8 | 181.52 |
Scope 2 - emissions in metric tonnes tCO2e | 2021/22 | 2022/23 | 2023/24 |
Purchased electricity (not including transport & distribution) | 880.3 | 752.3 | 817.8 |
Total Scope 2 - emissions in metric tonnes tCO2e | 880.3 | 752.3 | 817.8 |
Total gross emissions in metric tonnes tCO2e | 1,098 | 980.1 | 999.32 |
Group turnover for 2022/23 | £40,548,675 | £37,991,986 | £42,667,254 |
Intensity ratio kgCO2e/£ turnover | 0.0271 | 0.0258 | 0.0234 |
Quantification and reporting methodology |
We have followed the 2020 HM Government Environmental Reporting Guidelines. We have also used the GHG |
Reporting Protocol . Corporate Standard and have used the 2022 & 2023 UK Government's Emission Factors |
to create blended factors for Company Reporting. PEM Ltd have assessed The Group's GHG emissions in |
accordance with the HM Government's Environmental Reporting Guidelines: Including streamlined energy and |
carbon reporting guidancef (March 2019). |
Energy Intensity Ratios |
The chosen intensity ratio. |
- Total gross emissions in metric kilogrammes kgCO2eper £ turnover. This allows comparisons to be made as the |
size of the business changes over time. |
Measures taken to improve energy efficiency |
Wasdell Group has participated in the Energy Savings Opportunities Scheme (ESOS) phase 3 and a number of energy conservation measures have been identified for all of the sites. |
There has been minimal changes across all sites within the scope since the previous 2022/23 SECR report. |
The group is in the process of implementing a Sustainability strategy for WASDELL PACKAGING LIMITED. This covers the Swindon sites but eventually the aim is for this to be distributed across all sites. |
In September 2023, the single Diesel truck was sold. This is why the litres of Diesel has drastically decreased from 15,707 to 272. Wasdell Group is now using transport/delivery companies to fulfill the business’ needs. |
ON BEHALF OF THE BOARD: |
Wasdell Holdings Limited (Registered number: 05889635) |
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 principle activities of the group in the year under review were those of contract packaging, manufacture of pharmaceutical preparations and the provision of logistical services. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024 (2023: £0) |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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: |
FINANCIAL INSTRUMENTS |
The company and the group holds or issues financial instruments in order to achieve three main objectives, being: |
a) to finance its operations; |
b) to manage its exposure to interest risks arising from its operations and from its sources of finance; |
c) for trading purposes. |
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company and the group operations. |
ENGAGEMENT WITH EMPLOYEES |
The Group actively encourages employee involvement and participation through a number of channels, including team briefs, employee forums, health and safety committees and staff notice boards. The group does not discriminate on grounds of disability, race, gender or gender orientation in any of its people practices. All reasonable adjustments are considered and implemented where practicable. |
All gender pay reporting requirements have been complied with and details can be found on the group's website and te appropriate Government body. |
SHAREHOLDERS |
The shareholders of the group are limited to M Tedham. |
ENVIRONMENTAL SUSTAINABILITY |
The group has investigated, researched and developed bio-degradable blister packaging and made this available for customers to adopt. |
ANTI-CORRUPTION AND ANTI-BRIBERY POLICY |
The group maintains an anti-corruption and an anti-bribery policy. It is the policy of the the group to conduct all of our business in an honest and ethical manner. We take a zero-tolerance approach to bribery and corruption and are committed to acting professionally, fairly and with integrity in all our business dealings and relationships wherever we operate, and implementing and enforcing effective systems to counter bribery. |
We uphold all laws relevant to countering bribery and corruption. However, we remain bound by the laws of the UK, including the Bribery Act 2010, in respect of our conduct both at home and abroad. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has opted to disclose the streamlined energy and carbon reporting in the Strategic Report rather than the Directors Report. |
Wasdell Holdings Limited (Registered number: 05889635) |
Report of the Directors |
for the Year Ended 30 April 2024 |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Wasdell Holdings Limited |
Opinion |
We have audited the financial statements of Wasdell Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Wasdell Holdings Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the group. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included: |
- | Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
- | Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; |
- | Reviewing the group's legal costs to check for non-compliance with laws and regulations and fraud; |
- | Review of tax compliance; |
- | Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; |
- | Testing transactions entered into outside of the normal course of the group's business; and |
- | Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Wasdell Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Hermes House |
Fire Fly Avenue |
Swindon |
Wiltshire |
SN2 2GA |
Wasdell Holdings Limited (Registered number: 05889635) |
Consolidated |
Income Statement |
for the Year Ended 30 April 2024 |
2024 | 2024 | 2024 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 3 | 55,814,096 | - | 55,814,096 |
Cost of sales | (44,490,720 | ) | (5,931 | ) | (44,496,651 | ) |
GROSS PROFIT/(LOSS) | 11,323,376 | (5,931 | ) | 11,317,445 |
Administrative expenses | (15,507,797 | ) | (56,775 | ) | (15,564,572 | ) |
(4,184,421 | ) | (62,706 | ) | (4,247,127 | ) |
Other operating income | 268,693 | - | 268,693 |
OPERATING LOSS | 5 | (3,915,728 | ) | (62,706 | ) | (3,978,434 | ) |
Interest receivable and similar income | 23,736 | - | 23,736 |
Interest payable and similar expenses | 6 | (743,027 | ) | (699 | ) | (743,726 | ) |
LOSS BEFORE TAXATION | (4,635,019 | ) | (63,405 | ) | (4,698,424 | ) |
Tax on loss | 7 | (471,905 | ) | - | (471,905 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (5,170,329 | ) |
Wasdell Holdings Limited (Registered number: 05889635) |
Consolidated |
Income Statement |
for the Year Ended 30 April 2024 |
2023 | 2023 | 2023 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 3 | 56,750,430 | 1,414,253 | 58,164,683 |
Cost of sales | (38,446,693 | ) | (1,587,907 | ) | (40,034,600 | ) |
GROSS PROFIT/(LOSS) | 18,303,737 | (173,654 | ) | 18,130,083 |
Administrative expenses | (13,726,569 | ) | (249,300 | ) | (13,975,869 | ) |
4,577,168 | (422,954 | ) | 4,154,214 |
Other operating income | 312,564 | - | 312,564 |
OPERATING PROFIT/(LOSS) | 5 | 4,889,732 | (422,954 | ) | 4,466,778 |
Interest receivable and similar income | 19,275 | - | 19,275 |
Interest payable and similar expenses | 6 | (396,914 | ) | (3,392 | ) | (400,306 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 4,512,093 | (426,346 | ) | 4,085,747 |
Tax on profit/(loss) | 7 | (930,907 | ) | 24,686 | (906,221 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 3,179,526 |
Wasdell Holdings Limited (Registered number: 05889635) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (5,170,329 | ) | 3,179,526 |
OTHER COMPREHENSIVE INCOME |
Foreign exchange reserve | 466,151 | 375,265 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
466,151 |
375,265 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(4,704,178 |
) |
3,554,791 |
Total comprehensive income attributable to: |
Owners of the parent | (4,704,178 | ) | 3,554,791 |
Wasdell Holdings Limited (Registered number: 05889635) |
Consolidated Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 1,440,580 | 2,986,281 |
Tangible assets | 10 | 20,905,564 | 22,176,142 |
Investments | 11 | - | - |
22,346,144 | 25,162,423 |
CURRENT ASSETS |
Stocks | 12 | 7,528,235 | 6,695,979 |
Debtors | 13 | 23,255,729 | 25,449,268 |
Cash at bank | 774,714 | 942,701 |
31,558,678 | 33,087,948 |
CREDITORS |
Amounts falling due within one year | 14 | 18,735,666 | 18,042,614 |
NET CURRENT ASSETS | 12,823,012 | 15,045,334 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
35,169,156 |
40,207,757 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(19,312 |
) |
(247,043 |
) |
PROVISIONS FOR LIABILITIES | 20 | (474,408 | ) | (581,100 | ) |
NET ASSETS | 34,675,436 | 39,379,614 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100 | 100 |
Foreign exchange reserve | 22 | 845,702 | 379,551 |
Retained earnings | 22 | 33,829,634 | 38,999,963 |
SHAREHOLDERS' FUNDS | 34,675,436 | 39,379,614 |
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by: |
M Tedham - Director |
Wasdell Holdings Limited (Registered number: 05889635) |
Company Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's loss for the financial year | (140,469 | ) | (3,529,243 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wasdell Holdings Limited (Registered number: 05889635) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up | Foreign |
share | Retained | exchange | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 100 | 35,778,063 | 4,286 | 35,782,449 |
Changes in equity |
Total comprehensive income | - | 3,179,526 | 375,265 | 3,554,791 |
Prior year adjustment | - | 42,374 | - | 42,374 |
Balance at 30 April 2023 | 100 | 38,999,963 | 379,551 | 39,379,614 |
Changes in equity |
Total comprehensive income | - | (5,170,329 | ) | 466,151 | (4,704,178 | ) |
Balance at 30 April 2024 | 100 | 33,829,634 | 845,702 | 34,675,436 |
Wasdell Holdings Limited (Registered number: 05889635) |
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 |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2023 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2024 | ( |
) | ( |
) |
Wasdell Holdings Limited (Registered number: 05889635) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 714,603 | (615,615 | ) |
Interest paid | (737,147 | ) | (391,086 | ) |
Interest element of hire purchase payments paid |
(6,579 |
) |
(7,704 |
) |
Tax paid | (216,405 | ) | (516,577 | ) |
Net cash from operating activities | (245,528 | ) | (1,530,982 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (366,161 | ) | (679,510 | ) |
Sale of tangible fixed assets | 134,000 | 216,066 |
Interest received | 23,736 | 19,275 |
Net cash from investing activities | (208,425 | ) | (444,169 | ) |
Cash flows from financing activities |
Loan repayments in year | (250,990 | ) | - |
Capital repayments in year | (46,263 | ) | (74,192 | ) |
Amount introduced by directors | 298 | 18,791 |
Amount withdrawn by directors | (21,895 | ) | (38,067 | ) |
Net cash from financing activities | (318,850 | ) | (93,468 | ) |
Decrease in cash and cash equivalents | (772,803 | ) | (2,068,619 | ) |
Cash and cash equivalents at beginning of year |
2 |
942,701 |
3,011,320 |
Cash and cash equivalents at end of year | 2 | 169,898 | 942,701 |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
(Loss)/profit before taxation | (4,698,424 | ) | 4,085,747 |
Depreciation charges | 3,057,742 | 3,401,348 |
(Profit)/loss on disposal of fixed assets | (9,300 | ) | 14,310 |
Unrealised foreign currency | 466,151 | (734,804 | ) |
Finance costs | 743,726 | 400,306 |
Finance income | (23,736 | ) | (19,275 | ) |
(463,841 | ) | 7,147,632 |
Increase in stocks | (832,256 | ) | (918,523 | ) |
Decrease/(increase) in trade and other debtors | 2,215,135 | (5,000,971 | ) |
Decrease in trade and other creditors | (204,435 | ) | (1,843,753 | ) |
Cash generated from operations | 714,603 | (615,615 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 774,714 | 942,701 |
Bank overdrafts | (604,816 | ) | - |
169,898 | 942,701 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 942,701 | 3,011,320 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank | 942,701 | (167,987 | ) | 774,714 |
Bank overdrafts | - | (604,816 | ) | (604,816 | ) |
942,701 | (772,803 | ) | 169,898 |
Debt |
Finance leases | (97,664 | ) | 46,263 | (51,401 | ) |
Debts falling due within 1 year | (10,656,474 | ) | 250,990 | (10,405,484 | ) |
(10,754,138 | ) | 297,253 | (10,456,885 | ) |
Total | (9,811,437 | ) | (475,550 | ) | (10,286,987 | ) |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Wasdell Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. |
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. |
Going concern |
The group's forecasts and projections, taking account of severe but plausible changes in trading performance, show that the group should be able to operate within the level of it's current facilities. After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing it's financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and the future periods if the revision affects both current and future periods. |
The directors believe the key accounting estimates are: |
i) Obsolete stock provision |
As the valuation of stock is determined by frequency of use an uncertainty as to the value of the provision exists. However the risk of this uncertainty being significant is low. |
ii) Provision for doubtful debts |
The group makes an estimate of the recoverable value of trade debtor. When assessing the provision needed for doubtful debts, management considers factors including the ageing profile of debtors, relationship with the debtors and historical experience. |
Other significant judgements |
Included in debtors are amounts due from Wasdell Properties Ltd, a company under common ownership, of £7,233,444 (2023: £7,415,164). Whilst there is no expectation that these amounts will not be repaid, repayment relies on the successful trading of Wasdell Properties Ltd and the value of that company's assets and liabilities. The directors have not felt it necessary to provide for any of this loan at this time. |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of the businesses in 2016 and the acquisition of additional shares in 2021, is being amortised over its estimated useful life of 5 years. |
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. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or if held on a finance lease , over the lease term, which ever is shorter. |
Plant and machinery- 20%, 10% and 5% on cost. |
Fixtures and fittings- 10% on cost |
Motor vehicles- 33% on cost. |
Land and buildings- Buildings are depreciated at 5% cost. |
Depreciation is charged from when asset is bought into use. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
The group has chosen to adopt sections 11 and 12 of FRS 102 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 constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. |
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Foreign currency translation |
Wasdell Europe Ltd functional currency is EURO. This differs from the presentational currency which is GBP. The reason for the difference is that the financial statements require to be presented in GBP for group reporting purposes. All the profit and loss figures are translated into presentation currency using the average exchange rate and balance sheet figures are translated at the year end closing rate. Foreign exchange gains and losses resulting from these translations are recognised in the Income Statement. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The 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. |
3. | TURNOVER |
The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Manufacturing | 23,816,140 | 29,578,630 |
Packaging | 28,102,038 | 24,829,705 |
Storage and Distribution | 3,895,918 | 3,756,348 |
55,814,096 | 58,164,683 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 42,638,910 | 46,439,448 |
Europe | 13,306,925 | 11,158,843 |
United States of America | (9,622 | ) | 31,791 |
Rest of the world | (122,117 | ) | 534,601 |
55,814,096 | 58,164,683 |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 20,564,480 | 18,440,316 |
Social security costs | 1,977,933 | 1,818,171 |
Other pension costs | 283,359 | 276,443 |
22,825,772 | 20,534,930 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Direct labour | 512 | 561 |
Administration and management | 164 | 100 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 448,960 | 797,393 |
Directors' pension contributions to money purchase schemes | 5,975 | 30,573 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 170,000 | 224,569 |
Pension contributions to money purchase schemes | 1,321 | 21,667 |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 186,755 | 120,435 |
Other operating leases | 1,823,357 | 1,621,147 |
Depreciation - owned assets | 1,479,033 | 1,560,251 |
Depreciation - assets on hire purchase contracts | 33,006 | 33,006 |
(Profit)/loss on disposal of fixed assets | (9,300 | ) | 14,310 |
Goodwill amortisation | 1,545,701 | 1,545,701 |
Auditors' remuneration | 88,936 | 72,750 |
Foreign exchange differences | 404,502 | (121,153 | ) |
Auditors remuneration includes fees payable to the company's auditor for the audit of the Parent Company, the Group's consolidated financial statements and the financial statements of subsidiaries. It also includes non-audit fees for accounts preparation and tax compliance work in respect of the Parent Company and subsidiaries. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 726,614 | 391,086 |
Directors' loan interest | - | 1,516 |
Interest payable | 10,533 | - |
Hire purchase | 6,579 | 7,704 |
743,726 | 400,306 |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 578,597 | 959,994 |
Deferred tax | (106,692 | ) | (53,773 | ) |
Tax on (loss)/profit | 471,905 | 906,221 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
(Loss)/profit before tax | (4,698,424 | ) | 4,085,747 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.491 %) |
(1,174,606 |
) |
796,353 |
Effects of: |
Expenses not deductible for tax purposes | 65,399 | 1,237,787 |
Income not taxable for tax purposes | (2,325 | ) | (851,930 | ) |
Depreciation in excess of capital allowances | 465,957 | 20,384 |
Utilisation of tax losses | - | (121,779 | ) |
Differences in tax rates and provisions for overseas subsidiaries. | 630,611 | (120,821 | ) |
Deferred tax | (106,692 | ) | (53,773 | ) |
Losses carried forward | 630,611 | - |
Adjustments to tax charge in respect of previous periods | (37,050 | ) | - |
Total tax charge | 471,905 | 906,221 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange reserve | 466,151 | - | 466,151 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange reserve | 375,265 | - | 375,265 |
8. | INDIVIDUAL INCOME STATEMENT |
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. |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 10,646,112 |
AMORTISATION |
At 1 May 2023 | 7,659,831 |
Amortisation for year | 1,545,701 |
At 30 April 2024 | 9,205,532 |
NET BOOK VALUE |
At 30 April 2024 | 1,440,580 |
At 30 April 2023 | 2,986,281 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 May 2023 | 19,479,570 | 11,166,630 | 2,475,217 |
Additions | - | 313,502 | 12,483 |
Disposals | - | (115,818 | ) | - |
At 30 April 2024 | 19,479,570 | 11,364,314 | 2,487,700 |
DEPRECIATION |
At 1 May 2023 | 2,102,853 | 6,559,315 | 2,313,433 |
Charge for year | 532,109 | 816,825 | 128,882 |
Eliminated on disposal | - | (17,373 | ) | - |
At 30 April 2024 | 2,634,962 | 7,358,767 | 2,442,315 |
NET BOOK VALUE |
At 30 April 2024 | 16,844,608 | 4,005,547 | 45,385 |
At 30 April 2023 | 17,376,717 | 4,607,315 | 161,784 |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 80,326 | - | 33,201,743 |
Additions | - | 40,176 | 366,161 |
Disposals | (80,326 | ) | - | (196,144 | ) |
At 30 April 2024 | - | 40,176 | 33,371,760 |
DEPRECIATION |
At 1 May 2023 | 50,000 | - | 11,025,601 |
Charge for year | 4,071 | 30,152 | 1,512,039 |
Eliminated on disposal | (54,071 | ) | - | (71,444 | ) |
At 30 April 2024 | - | 30,152 | 12,466,196 |
NET BOOK VALUE |
At 30 April 2024 | - | 10,024 | 20,905,564 |
At 30 April 2023 | 30,326 | - | 22,176,142 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 330,063 |
DEPRECIATION |
At 1 May 2023 | 140,034 |
Charge for year | 33,006 |
At 30 April 2024 | 173,040 |
NET BOOK VALUE |
At 30 April 2024 | 157,023 |
At 30 April 2023 | 190,029 |
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 |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The company's subsidiaries at the balance sheet date included in the consolidated accounts are the following: |
Company Name | Registered Office | Nature of business | Class of | % |
shares held | held |
Wasdell Packaging Ltd | Unit 6-8 Euro Way | Trading company- | Ordinary | 100% |
Blagrove | Packaging and |
Swindon | manufacturing services |
Wiltshire |
SN5 8 YW |
Wasdell Manufacturing | Unit 6-8 Euro Way | Trading company- | Ordinary | 100% |
Blagrove | Healthcare |
Swindon | manufacturing services |
Wiltshire |
SN5 8 YW |
Wasdell Northampton | Unit 6-8 Euro Way | Trading company- | Ordinary | 100% |
Blagrove | Packaging and |
Swindon | manufacturing services |
Wiltshire |
SN5 8 YW |
Wasdell Europe Ltd | IDA Science and Technology | Trading company- | Ordinary | 100% |
Park Mullagharlin | Packaging and |
Dundalk | manufacturing services |
Co. Louth |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 6,796,196 | 6,208,234 |
Work-in-progress | 410,461 | 270,036 |
Finished goods | 179,501 | 81,655 |
Engineering | 142,077 | 136,054 |
7,528,235 | 6,695,979 |
Included within stocks is a provision for £257,564 (2023: 128,347). |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 9,648,198 | 11,641,638 |
Other debtors | 3,395,173 | 3,283,372 |
Amounts owed to |
Related Parties | 7,233,444 | 7,415,164 | 2,500,000 | 2,500,000 |
Directors' current accounts | 994,702 | 973,105 | - | - |
S455 tax repayable | 410,592 | 416,084 | - | - |
Prepayments | 1,573,620 | 1,719,905 |
23,255,729 | 25,449,268 |
Included in the trade debtors figures above there is a bad debt provision as at 30 April 2024 for £278,184 (2023 £20,118) |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 11,010,300 | 10,656,474 |
Hire purchase contracts (see note 17) | 32,089 | 46,165 |
Trade creditors | 3,396,204 | 3,637,107 |
Amounts owed to group undertakings | - | - |
Tax | 396,956 | 759,148 |
Social security and other taxes | 452,614 | 435,359 |
VAT | 555,689 | 583,827 | - | - |
Other creditors | 784,779 | 175,583 |
Deferred income | 447,707 | 563,191 |
Accrued expenses | 1,659,328 | 1,185,760 |
18,735,666 | 18,042,614 |
Social security and other taxes above includes £40,214 (2023: £31,108) of outstanding pension contributions at 30 April 2024. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 17) | 19,312 | 51,499 |
Accruals and deferred income | - | 195,544 |
19,312 | 247,043 |
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 overdrafts | 604,816 | - |
Bank loans | 10,405,484 | 10,656,474 |
11,010,300 | 10,656,474 |
The above loans for £10,405,484 (2023 £10,656,474) include rolling three month contracts, incurring interest rates of 1.45%- 1.75% over the base rate and a 12 month loan incurring interest of 2.76% above base rate. |
The loans are secured by cross guarantee on the property and assets of Wasdell Holdings Limited as a group. |
Wasdell Holdings Limited (Registered number: 05889635) |
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 |
£ | £ |
Gross obligations repayable: |
Within one year | 36,989 | 53,343 |
Between one and five years | 21,394 | 58,481 |
58,383 | 111,824 |
Finance charges repayable: |
Within one year | 4,900 | 7,178 |
Between one and five years | 2,082 | 6,982 |
6,982 | 14,160 |
Net obligations repayable: |
Within one year | 32,089 | 46,165 |
Between one and five years | 19,312 | 51,499 |
51,401 | 97,664 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 1,616,943 | 1,504,092 |
Between one and five years | 5,597,353 | 5,427,314 |
In more than five years | 1,352,776 | 2,715,441 |
8,567,072 | 9,646,847 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 10,405,484 | 10,656,474 |
Hire purchase contracts | 51,401 | 97,664 |
10,456,885 | 10,754,138 |
Hire Purchase contracts are secured against the assets to which they relate to. |
The group companies are party to cross-guarantees including the bank borrowings of Wasdell Holdings Limited, which amounted to £1,575,977 (2023 - £1,691,932) and rolling credit facilities in Wasdell Packaging Ltd of £4,000,000 at 30 April 2024 (2023: £4,000,000) and in Wasdell Europe Ltd for €5,650,000 at 30 April 2024 (2023: €5,650,000) |
All cross-guarantees are secured by a fixed and floating charge over the assets of Wasdell Holdings Limited as a group. |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
19. | FINANCIAL INSTRUMENTS |
Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arises in the normal course of the company's business. These risks are limited by the groups' financial management policies and practices described below. |
Foreign currency risk |
The group is exposed to foreign currency risk due to a significant proportion of its sales and operating expenses being denominated in non sterling currencies. |
Credit risk and market risk |
The group is at risk from its customers defaulting in making payments for services that have been supplied to them. The company is at risk to the extent that a customer may not be able to pay a debt on the specified due date. This risk is mitigated by maintaining strong on going customer relationships. |
Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. |
Cash flow interest rate risk |
The group is exposed to interest rate risk through the impact of rate changes on interest-bearing borrowings. The group's policy is to obtain the most favourable interest rates available for its borrowings. |
The group does not use any derivative instruments to reduce its economic exposure to changes in interest rates. |
2024 | 2023 |
£ | £ |
Financial assets |
At amortised cost |
- Trade and other debtors | 20,608,758 | 23,313,279 |
- Cash at bank and at hand | 774,714 | 942,701 |
21,383,472 | 24,255,980 |
Financial liabilities |
At amortised cost |
- Trade and other creditors and accruals | (17,349,718 | ) | (16,511,323 | ) |
(17,349,718 | ) | (16,511,323 | ) |
Fair values of financial assets and financial liabilities |
The carrying amounts of cash at bank and in hand, restricted cash, trade and other debtors and trade and other creditors approximate their respective fair values due to the relatively short term maturity of these financial instruments. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 474,408 | 581,100 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 581,100 |
Credit to Income Statement during year | (106,692 | ) |
Balance at 30 April 2024 | 474,408 |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
22. | RESERVES |
Group |
Foreign |
Retained | exchange |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 38,999,963 | 379,551 | 39,379,514 |
Deficit for the year | (5,170,329 | ) | (5,170,329 | ) |
Foreign exchange movement | - | 466,151 | 466,151 |
At 30 April 2024 | 33,829,634 | 845,702 | 34,675,336 |
Company |
Retained |
earnings |
£ |
At 1 May 2023 | ( |
) |
Deficit for the year | ( |
) |
At 30 April 2024 | ( |
) |
23. | RELATED PARTY DISCLOSURES |
Group |
Companies under common control |
2024 | 2023 |
£ | £ |
Sales | 211,494 | - |
Purchases | 2,760,956 | - |
Amounts due to related parties | (919,720 | ) | - |
Amounts due from related parties | 10,625,398 | 8,202,544 |
During the course of the year there was a transfer of assets to a director with a total value of £26,255 (2023 - £Nil). |
The balances are interest free and repayable on demand. |
Company |
2024 | 2023 |
£ | £ |
Sales | - | - |
Purchases | - | - |
Amounts due to related parties | - | - |
Amounts due from related parties | 2,500,000 | 2,500,000 |
The balances are interest free and repayable on demand. |
Wasdell Holdings Limited (Registered number: 05889635) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
24. | POST BALANCE SHEET EVENTS |
It is intended that Wasdell Europe Limited will be voluntarily wound up and cease to exist as a standalone entity |
within the next 12 months. |
In August 2024 Wasdell Europe Limited sold the freehold property it owned and the proceeds from this sale were used to repay the bank loan. |
25. | ULTIMATE CONTROLLING PARTY |
The controlling party is M Tedham. |