REGISTERED NUMBER: 02188952 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
for |
WILLETT & SON HOLDINGS LIMITED |
REGISTERED NUMBER: 02188952 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
for |
WILLETT & SON HOLDINGS LIMITED |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
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 | 4 |
Statement of Directors' Responsibilities | 5 |
Report of the Independent Auditors | 6 |
Consolidated Profit and Loss Account | 10 |
Consolidated Statement of Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
WILLETT & SON HOLDINGS LIMITED |
Company Information |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
BANKERS: |
Epsilon House, The Square |
Gloucester Business Park |
Gloucester |
GL3 4AD |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Group Strategic Report |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their strategic report for the company and group for the year ended 30 April 2024. |
Review of the business and development and performance |
Group turnover for the year to 30 April 2024 was in line with the directors' expectations at £47 million (2023 - £68 million). |
The group's gross profit margin increased from 1.7% for the year to 30 April 2023 to 1.97% for the current financial period, resulting in a gross profit of £926k (2023 - £1.16 million). |
The group's total overheads for the year were £850k (2023 - £955k). |
The group recorded an operating profit of £112k for the year to 30 April 2024 (2023 - £217k). The directors consider this to be in line with expectations. |
Control of operating costs and administrative expenses continues to be a priority for the group as it seeks to maintain an operating profit position in the short to medium term. |
The remeasurement of the group's defined benefit plan gave rise to other comprehensive income gains of £170k for the year (2023 - £203k), including gains on pension scheme investments of £243k (2023 - loss of £6,6k) and deferred tax of £57k was recognised (2023 - £86k). |
Net cash generated from operating activities amounted to £456k for the year to 30 April 2024 (2023 - £1.65million). |
After accounting for the purchases of tangible fixed assets at £3,075 and the payment of dividends in the sum of £49,434, the net cash inflow for the group for the year amounted to £403,098 (2023 - £1,603,582). |
As at 30 April 2024 cash and cash equivalents amounted to a surplus of £162k (2023 - deficit of £241k). |
The directors believe that the group has sufficient working capital to meet its normal trading requirements. |
The directors expect the group's level of trading to be maintained into the foreseeable future and no major changes are expected or other risks anticipated. The directors aim to maintain their current management policies. |
Business environment and strategy |
The commodities markets continue to be volatile in nature and competitive. The group aims to grow its tonnage turnover by expanding its customer base and by continuing to offer its professional expertise in the wholesale merchanting of animal feedstuffs and fertilisers to its customers. |
Results and dividends |
The net profit for the period, after taxation, amounted to £85k (2023 - £175k). After accounting for gains of £227k (2023 - £278k) on the remeasurement of the defined benefit plan and deferred tax of £57k (2023 - £86k). |
The directors consider that the results achieved for the year are satisfactory in view of the volatile nature of commodities markets. |
Interim dividends in the sum of £49,434 (2023 - £49,435) were paid during the year. The directors do not recommend the payment of a final dividend for the year. |
Principal risks and uncertainties |
The group's principal risks and uncertainties are considered to be as follows: |
Volatile nature of markets - In the opinion of the directors the principal risk faced by the group is that of continued uncertainty in the agricultural commodities markets. The group continues to monitor the markets closely on an ongoing basis and seeks to mitigate the impact of market fluctuations as far as is practicable. |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Group Strategic Report |
FOR THE YEAR ENDED 30 APRIL 2024 |
Competition - The group operates in a very competitive environment. Products are kept under constant review to ensure that they meet market demands. |
Key staff - There are a number of key employees who are considered to be crucial to the success of the business. Staff relationships and packages are such that key personnel are retained. |
Cash flows - Large quantities of goods are purchased from the group's suppliers. The group actively manages cash flows to ensure that sufficient funding is available to meet its requirements as they fall due. |
Key performance indicators |
The directors monitor the progress of the group by reference to certain financial key performance indicators in the following areas: |
Sales targets and margins - The group experienced a decrease in turnover of £21million when compared to 2023 however achieved a gross profit margin of 1.97% for the year (2023 - 1.7%). |
Cash position - The group recorded an increase in cash and cash equivalents of £403k for the year (2023 - £1.6 million). |
Debtor balances - The group recorded average debtor days of 23 for the year (2023 - 20 days). |
Staff costs - Total staff costs for the year were £626,151 (2023 - £626,143). |
Overheads - The group's total overheads for the year were £846,639 (2023 - £954,837). |
The directors consider that the group has performed satisfactorily and in line with their expectations for these key performance indicators. |
ON BEHALF OF THE BOARD: |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
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 ACTIVITIES |
The principal activity of the company in the year under review was that of a holding and property holding company. |
The principal activity of the group in the year under review was that of the wholesale merchanting of animal feedstuffs and fertilisers. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2024 was £49,434. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
GOING CONCERN |
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
DISCLOSURE IN THE STRATEGIC REPORT |
Items required under Sch. 7 to be disclosed in the directors' report are set out in the strategic report in accordance with s.414C(11) CA 2006. |
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. |
AUDITORS |
The auditor, Haines Watts (Western) Limited, is deemed to have been reappointed in accordance with section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Statement of Directors' Responsibilities |
FOR THE YEAR ENDED 30 APRIL 2024 |
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. |
Report of the Independent Auditors to the Members of |
Willett & Son Holdings Limited |
Opinion |
We have audited the financial statements of Willett & Son Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of 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 profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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. |
Report of the Independent Auditors to the Members of |
Willett & Son Holdings Limited |
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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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 |
Willett & Son Holdings 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: |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud and error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
We obtained an understanding of the legal and regulatory frameworks applicable to the group and the sectors in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, the UK Corporate Governance Code, UK corporate tax laws, environmental legislation and the Data Protection Act. |
We obtained an understanding of how the group are complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes and review of correspondence with regulatory bodies. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included: |
- Identifying and assessing the controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and |
- Assessing the extent of compliance with the relevant laws and regulations. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are 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 |
Willett & Son 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 |
Chartered Accountants and Statutory Auditors |
Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Consolidated Profit and Loss Account |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 | 46,923,408 | 68,049,947 |
Cost of sales | (45,997,682 | ) | (66,894,785 | ) |
GROSS PROFIT | 925,726 | 1,155,162 |
Administrative expenses | (846,639 | ) | (954,837 | ) |
79,087 | 200,325 |
Other operating income | 5 | 32,426 | 16,911 |
OPERATING PROFIT | 7 | 111,513 | 217,236 |
Interest payable and similar expenses | 9 | (18 | ) | (1 | ) |
PROFIT BEFORE TAXATION | 111,495 | 217,235 |
Tax on profit | 10 | (26,471 | ) | (42,708 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 85,024 | 174,527 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Consolidated Statement of Other Comprehensive Income |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 85,024 | 174,527 |
OTHER COMPREHENSIVE INCOME |
Remeasurement of defined benefit plan | 227,090 | 277,999 |
Depreciation on revaluations |
Income tax relating to other comprehensive income |
(56,772 |
) |
85,718 |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
170,318 |
363,717 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
255,342 |
538,244 |
Total comprehensive income attributable to: |
Owners of the parent | 255,342 | 538,244 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Consolidated Balance Sheet |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 13 | 1,037,079 | 1,058,131 |
Investments | 14 | - | - |
1,037,079 | 1,058,131 |
CURRENT ASSETS |
Stocks | 15 | 633,040 | 1,572,409 |
Debtors | 16 | 2,956,079 | 3,767,627 |
Cash at bank and in hand | 162,391 | 41,005 |
3,751,510 | 5,381,041 |
CREDITORS |
Amounts falling due within one year | 17 | (2,595,538 | ) | (4,281,711 | ) |
NET CURRENT ASSETS | 1,155,972 | 1,099,330 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,193,051 |
2,157,461 |
PENSION ASSET | 22 | 395,119 | 224,801 |
NET ASSETS | 2,588,170 | 2,382,262 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 247,173 | 247,173 |
Share premium | 21 | 88,483 | 88,483 |
Revaluation reserve | 21 | 760,793 | 769,951 |
Capital redemption reserve | 21 | 50,805 | 50,805 |
Retained earnings | 21 | 1,440,916 | 1,225,850 |
SHAREHOLDERS' FUNDS | 2,588,170 | 2,382,262 |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by: |
J R Wright - Director |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Company Balance Sheet |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Revaluation reserve | 21 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 60,436 | 72,854 |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Consolidated Statement of Changes in Equity |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 May 2022 | 247,173 | 855,693 | 88,483 |
Changes in equity |
Profit for the year | - | 174,527 | - |
Other comprehensive income | - | 245,065 | - |
Total comprehensive income | - | 419,592 | - |
Dividends | - | (49,435 | ) | - |
Balance at 30 April 2023 | 247,173 | 1,225,850 | 88,483 |
Changes in equity |
Profit for the year | - | 85,024 | - |
Other comprehensive income | - | 170,318 | - |
Total comprehensive income | - | 255,342 | - |
Dividends | - | (49,434 | ) | - |
Transfer | - | 9,158 | - |
Balance at 30 April 2024 | 247,173 | 1,440,916 | 88,483 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 May 2022 | 660,457 | 50,805 | 1,902,611 |
Changes in equity |
Profit for the year | - | - | 174,527 |
Other comprehensive income | 109,494 | - | 354,559 |
Total comprehensive income | 109,494 | - | 529,086 |
Dividends | - | - | (49,435 | ) |
Balance at 30 April 2023 | 769,951 | 50,805 | 2,382,262 |
Changes in equity |
Profit for the year | - | - | 85,024 |
Other comprehensive income | - | - | 170,318 |
Total comprehensive income | - | - | 255,342 |
Dividends | - | - | (49,434 | ) |
Transfer | (9,158 | ) | - | - |
Balance at 30 April 2024 | 760,793 | 50,805 | 2,588,170 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Company Statement of Changes in Equity |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Profit for the year | - | 72,854 | - |
Other comprehensive income | - | 42,000 | - |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - |
Balance at 30 April 2023 |
Changes in equity |
Profit for the year | - | 60,436 | - |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - |
Transfer | - | 9,158 | - |
Balance at 30 April 2024 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Profit for the year | - | - | 72,854 |
Other comprehensive income | 151,494 |
Total comprehensive income |
Dividends | - | - | ( |
) |
Balance at 30 April 2023 | 1,125,678 |
Changes in equity |
Profit for the year | - | - | 60,436 |
Total comprehensive income |
Dividends | - | - | ( |
) |
Transfer | (9,158 | ) | - | - |
Balance at 30 April 2024 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Consolidated Cash Flow Statement |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 498,498 | 1,673,883 |
Interest paid | (18 | ) | (1 | ) |
Tax paid | (42,873 | ) | (22,349 | ) |
Net cash from operating activities | 455,607 | 1,651,533 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (3,075 | ) | - |
Sale of tangible fixed assets | - | 1,484 |
Net cash from investing activities | (3,075 | ) | 1,484 |
Cash flows from financing activities |
Equity dividends paid | (49,434 | ) | (49,435 | ) |
Net cash from financing activities | (49,434 | ) | (49,435 | ) |
Increase in cash and cash equivalents | 403,098 | 1,603,582 |
Cash and cash equivalents at beginning of year |
2 |
(240,707 |
) |
(1,844,289 |
) |
Cash and cash equivalents at end of year | 2 | 162,391 | (240,707 | ) |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Cash Flow Statement |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year | 85,024 | 174,527 |
Depreciation charges | 24,126 | 17,859 |
Finance costs | 18 | 1 |
Taxation | 26,471 | 42,708 |
135,639 | 235,095 |
Decrease/(increase) in stocks | 939,369 | (188,060 | ) |
Decrease in trade and other debtors | 811,548 | 877,552 |
(Decrease)/increase in trade and other creditors | (1,388,058 | ) | 749,296 |
Cash generated from operations | 498,498 | 1,673,883 |
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 | 162,391 | 41,005 |
Bank overdrafts | - | (281,712 | ) |
162,391 | (240,707 | ) |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 41,005 | 146,026 |
Bank overdrafts | (281,712 | ) | (1,990,315 | ) |
(240,707 | ) | (1,844,289 | ) |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Cash Flow Statement |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 41,005 | 121,386 | 162,391 |
Bank overdrafts | (281,712 | ) | 281,712 | - |
(240,707 | ) | 403,098 | 162,391 |
Total | (240,707 | ) | 403,098 | 162,391 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | COMPANY INFORMATION |
Willett & Son Holdings Limited is a |
The company's principal activities and nature of its operations are disclosed in the Directors' Report. |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1. |
Going concern |
The directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Basis of consolidation |
The consolidated financial statements incorporate those of Willett & Son Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits), namely Willett and Son (Bristol) Limited and Comfeeds (Ipswich) Limited. All intra-group transactions and balances between group companies are eliminated on consolidation. |
Significant judgements and estimates |
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The directors consider that there were no significant accounting estimates requiring disclosure in these financial statements. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year ended 30 April 2024 and derives from the provision of goods and services falling within the group's ordinary activities. |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold land and buildings - Straight line over 50 years |
Fixtures and fittings - 33.33% straight line and 25% and 15% reducing balance |
Motor vehicles - 10% straight line and 25% reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
The directors consider that due to the estimated residual value of the freehold land and buildings any depreciation would be immaterial to the financial statements. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
Cost includes all costs of purchase and other costs incurred in bringing the stocks to their present location and condition. |
Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the group’s contractual obligations are discharged, cancelled, or they expire. |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates defined contribution pension schemes. The amount charged to the profit and loss account in respect of pension costs represents total contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. |
During the year ended 30 April 2024, the company was principal employer of the Willett & Son Holdings Ltd Retirement & Death Benefit Scheme. Contributions are made to a separately administered fund. Contributions to this fund are charged to the profit and loss account so as to spread the cost of pensions over the working lives of employees within the company. The regular cost is attributed to individual years using the current unit method. Variations in pension cost, which are identified as a result of actuarial valuation are amortised over the average expected remaining working lives of employees in proportion to their expected payroll costs. No contributions were made in the year. |
The group recognises a defined net benefit pension asset or liability in the balance sheet as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. |
Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Sales | 46,879,908 | 68,002,039 |
Rent receivable | 43,500 | 47,908 |
46,923,408 | 68,049,947 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 46,923,408 | 68,049,947 |
46,923,408 | 68,049,947 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Interest on bad debt | - | 2,081 |
Maintenance agreements | 22,246 | 13,930 |
Sundry income | 10,000 | 900 |
32,246 | 16,911 |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 425,551 | 415,522 |
Social security costs | 38,147 | 44,628 |
Other pension costs | 162,453 | 165,993 |
626,151 | 626,143 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 3 | 2 |
Administration | 3 | 6 |
Selling & distribution | 5 | 4 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 136,120 | 128,924 |
Directors' pension contributions to money purchase schemes | 97,320 | 99,859 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Defined benefit schemes | 3 | 3 |
7. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 24,127 | 27,017 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | AUDITORS' REMUNERATION |
2024 | 2023 |
Fees payable to the company's auditor: | £ | £ |
For audit services |
Audit of the financial statements of the group and company | 7,050 | 6,250 |
Audit of the company's subsidiaries | 19,100 | 21,119 |
26,150 | 27,369 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 18 | 1 |
10. | 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 | 26,306 | 42,708 |
No description | 165 | - |
Tax on profit | 26,471 | 42,708 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 111,495 | 217,235 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.886 % (2023 - 19.500 %) |
27,747 |
42,361 |
Effects of: |
Expenses not deductible for tax purposes | (872 | ) | 2,410 |
Income not taxable for tax purposes | (2,500 | ) | - |
Depreciation in excess of capital allowances | - | 2,297 |
Utilisation of tax losses | (245 | ) | (4,195 | ) |
Adjustments to tax charge in respect of previous periods | 3,058 | - |
Marginal relief | (882 | ) | (165 | ) |
Under provision of prior year tax | 165 | - |
Total tax charge | 26,471 | 42,708 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Remeasurement of defined benefit plan | 227,090 | (56,772 | ) | 170,318 |
Depreciation on revaluations |
227,090 | (56,772 | ) | 170,318 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Remeasurement of defined benefit plan | 277,999 | (74,934 | ) | 203,065 |
Revaluation of freehold property | - | 160,652 | 160,652 |
Depreciation on revaluations | (9,158 | ) | - | (9,158 | ) |
268,841 | 85,718 | 354,559 |
The standard rate of corporation tax in the UK changed from 19% to 25% on 1 April 2023. The effective rate of corporation tax for the financial year was 25%. |
11. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
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. |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1.00 each |
Interim | 49,434 | 49,435 |
13. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Fixtures |
land and | and | Motor |
buildings | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 1,071,501 | 20,813 | 46,279 | 1,138,593 |
Additions | - | 3,075 | - | 3,075 |
At 30 April 2024 | 1,071,501 | 23,888 | 46,279 | 1,141,668 |
DEPRECIATION |
At 1 May 2023 | 40,606 | 16,958 | 22,898 | 80,462 |
Charge for year | 15,107 | 3,175 | 5,845 | 24,127 |
At 30 April 2024 | 55,713 | 20,133 | 28,743 | 104,589 |
NET BOOK VALUE |
At 30 April 2024 | 1,015,788 | 3,755 | 17,536 | 1,037,079 |
At 30 April 2023 | 1,030,895 | 3,855 | 23,381 | 1,058,131 |
Cost or valuation at 30 April 2022 is represented by: |
Freehold Property |
£ |
Cost | 417,392 |
Valuation in 2015 | 157,609 |
Valuation in 2018 | 136,500 |
Valuation in 2022 | 360,000 |
1,071,501 |
The freehold property at 51 Queen Square, Bristol, BS1 4JZ was last valued by Alder King in May 2022 on a part owner-occupied/part let basis. |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold |
land and |
buildings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2022 is represented by: |
Freehold Property |
£ |
Cost | 417,391 |
Valuation in 2015 | 157,609 |
Valuation in 2018 | 125,000 |
Valuation in 2022 | 360,000 |
1,060,000 |
The freehold property at 51 Queen Square, Bristol, BS1 4JZ was last valued by Alder King in May 2022 on a part owner-occupied/part let basis. |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
14. | 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 Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
Associated companies |
Registered office: 51 Queen Street, Bristol, BS1 4LJ |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: 51 Queen Street, Bristol, BS1 4LJ |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
The group and company holds fixed asset investments in associates, being investments held in Wisdom Agricultural Limited and Wisdom Agricultural (Investments) Limited. The carrying value of those investments has been written down to £nil in each case following historical impairment reviews. |
15. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Finished goods and goods for |
resale | 633,040 | 1,572,409 |
633,040 | 1,572,409 |
Stocks recognised in cost of sales during the year as an expense were in the sum of £47,655,925 (2023 - £60,987,943). |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,849,349 | 3,677,533 |
Amounts owed by group undertakings | - | - |
Other debtors | 74,324 | 56,927 |
Prepayments and accrued income | 32,406 | 33,167 |
2,956,079 | 3,767,627 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | - | 281,712 |
Trade creditors | 2,283,056 | 3,233,425 |
Tax | 26,306 | 42,708 |
Social security and other taxes | 15,034 | 18,404 |
VAT | 33,852 | 25,578 | 33,852 | 25,578 |
Other creditors | 150,871 | 205,732 |
Accruals and deferred income | 86,419 | 474,152 |
2,595,538 | 4,281,711 |
The group's bank borrowings are secured by fixed and floating charges over all of the group's assets. |
The bank borrowings of 2023 included £250,464 due to the factoring company which was secured by a charge over the debtors book. |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 281,712 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
19. | FINANCIAL INSTRUMENTS |
The carrying amount for each category of financial instrument is as follows: |
Group | 2024 | 2023 |
£ | £ |
Carrying amount of financial assets |
Debt instruments measured at amortised cost | 2,956,079 | 3,767,627 |
Equity instruments measured at cost less impairment | - | - |
Carrying amount of financial liabilities |
Measured at amortised cost | 2,595,537 | 4,281,711 |
The group's bank loans and overdrafts are secured by fixed and floating charges over all of the group's assets. |
Company | 2024 | 2023 |
£ | £ |
Carrying amount of financial assets |
Debt instruments measured at amortised cost | 144,401 | 68,747 |
Equity instruments measured at cost less impairment | - | - |
Carrying amount of financial liabilities |
Measured at amortised cost | - | - |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 247,173 | 247,173 |
21. | RESERVES |
Group |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 1,225,850 | 88,483 | 769,951 | 50,805 | 2,135,089 |
Profit for the year | 85,024 | 85,024 |
Dividends | (49,434 | ) | (49,434 | ) |
Revaluation in year | 170,318 | - | - | - | 170,318 |
Transfer | 9,158 | - | (9,158 | ) | - | - |
At 30 April 2024 | 1,440,916 | 88,483 | 760,793 | 50,805 | 2,340,997 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
21. | RESERVES - continued |
Company |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 878,505 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer | 9,158 | - | (9,158 | ) | - | - |
At 30 April 2024 | 889,507 |
Share premium |
The share premium account represents the difference between the par value of ordinary shares issued in past years and the subscription price paid for these shares. |
Revaluation reserve |
The revaluation reserve represents the increase in the carrying value of freehold property on revaluation. |
Capital redemption reserve |
The capital redemption reserve represents the nominal value of preference share redeemed in past years, together with the nominal value of ordinary shares which the company has bought back in past years. |
Retained earnings |
Retained earnings represent cumulative profits and losses net of dividends and other adjustments. |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
22. | EMPLOYEE BENEFIT OBLIGATIONS |
Defined contribution scheme - company |
2024 | 2023 |
£ | £ |
Charge to profit and loss in respect of defined contribution schemes | 51,720 | 49,859 |
The company operates a defined contribution pension scheme in respect of the directors. The assets of the scheme are held separately from those of the company in an independently administered fund. |
Defined contribution schemes - group |
2024 | 2023 |
£ | £ |
Charge to profit and loss in respect of defined contribution schemes | - | 181,950 |
The group operates defined contribution pension schemes in respect of all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds. |
Defined benefit scheme - group |
The latest comprehensive actuarial valuation of the defined benefit plan was carried out as at 30 April 2022, valuing the plan assets at £1,757k and the present value of defined benefit obligation at £1,451k. |
The present value of defined benefit obligations in the financial statements as as per the April 2022 actuarial report at £1,451k, this is not subject to annual restatement due to there being no active members and active pensioners are being paid through purchased insurance products through which the scheme has discharged its obligation. |
The balance sheet net defined benefit asset is defined as follows: |
Willett & Son Holdings Limited Retirement and Death Benefit Scheme |
The balance sheet net defined benefit asset/(liability) is determined as follows: |
2024 |
£ |
Present value of defined benefit obligations | (1,451,000 | ) |
Fair value of plan assets | 1,977,824 |
Deferred tax on pension asset | (131,706 | ) |
395,188 |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2023 |
£ |
Present value of defined benefit obligations | (1,451,000 | ) |
Fair value of plan assets | 1,750,734 |
Deferred tax on pension asset | (74,934 | ) |
224,800 |
EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the present value of the defined benefit obligations are as follows: |
£ |
At 1 May 2023 | 1,451,000 |
Current service cost | - |
Benefits paid and death in service premiums | - |
Remeasurement: |
Actuarial gains and losses |
At 30 April 2024 | 1,451,000 |
Changes in the fair value of plan assets are as follows: |
£ |
At 1 May 2023 | 1,750,734 |
Current service cost | - |
Benefits paid and death in service premiums | - |
Interest income | - |
Remeasurement: | - |
Return on plan assets, excluding amount included in interest income | 227,090 |
At 30 April 2024 | 1,977,824 |
The total costs for the period in relation to defined benefit plans are as follows: |
2024 | 2023 |
£ | £ |
Recognised in profit or loss: |
Current service cost | - | - |
WILLETT & SON HOLDINGS LIMITED (REGISTERED NUMBER: 02188952) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
The principal actuarial assumptions as at the balance sheet date were: |
2024 | 2023 |
Discount rate (pre-retirement) | 3.9% | 3.9% |
Discount rate (post-retirement) | 2.7% | 2.7% |
Retail Price Inflation (pre-retirement) | 4.3% | 4.3% |
Retail Price Inflation (post-retirement) | 3.7% | 3.7% |
Consumer Price Inflation (pre-retirement) | 3.8% | 3.8% |
Consumer Price Inflation (post-retirement) | 3.5% | 3.5% |
Limited Price Indexation in deferment (pre-2009 pensions) | 3.8% | 3.8% |
Limited Price Indexation in deferment (post-2009 pensions) | 3.8% | 3.8% |
Pension increases (1997-2005 pensions) | 3.4% | 3.4% |
Pension increases (post-2005 pensions) | 2.3% | 2.3% |
Mortality rates (life expectancy): |
Mortality in deferment: Nil |
Mortality in retirement: 95% of S3PMA and S3PFA Base Tables, CMI 2021 projection model,long-term | improvement 1.5% pa |
EMPLOYEE BENEFIT OBLIGATIONS - continued |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
2024 | 2023 |
% | % |
Equities and bonds | 99.19 | 98.8 |
Cash at bank | 0.81 | 1.2 |
100.00 | 100.00 |
23. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
The group has provided guarantees and a debenture in favour of Clydesdale Bank plc in respect of the borrowings of Willett and Son (Bristol) Limited and Comfeeds (Ipswich) Limited. Comfeeds (Ipswich) Limited is a 100% subsidiary undertaking of Willett and Son (Bristol) Limited. |
At the year end date the total indebtedness of Willlett and Son (Bristol) Limited and Comfeeds (Ipswich) Limited in respect of Clydesdale Bank plc was £Nil. |
24. | RELATED PARTY DISCLOSURES |
Remuneration of key management personnel |
The remuneration of key management personnel, who are also directors, is as follows: |
2024 | 2023 |
£ | £ |
Aggregate compensation | 233,440 | 228,783 |
No guarantees have been given or received. |