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REGISTERED NUMBER: 15266835 (England and Wales)



















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 April 2024

for

The Wilmott Group Limited

The Wilmott Group Limited (Registered number: 15266835)






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

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


The Wilmott Group Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: V A Wilmott
C M Wilmott
A K Wilmott





REGISTERED OFFICE: Heanor Gate Industrial Estate
Heanor Gate Road
Heanor
Derbyshire
DE75 7RJ





REGISTERED NUMBER: 15266835 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

The Wilmott Group Limited (Registered number: 15266835)

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
We aim to present a balanced and comprehensive review of the development and performance of the group during the past financial year and its position at the year-end. Our review is consistent with the size, nature and complexity of the group.

This report reflects the progress made by the group in the 12 months of trading to 30 April 2024. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the business as a whole, those being turnover and profit margins.

Turnover has increased by 35.3% (2023 - 108.9%) to £147.6m. In 2024, the group has continued to attract large projects and has also increased its hire fleet, resulting in an increase in turnover.

The group's gross profit margin has increased by 3.2% to 26.6% due to improved margins from projects.

The group saw growth across all areas of the business and invested further to support the growth of the hire business. Further investment was also made in land and buildings to support future growth in the business. The group has continued to utilise its leased borrowing facilities to fund this capital expenditure.

The group has continued to invest in the development of new products and the continued production and sale of renewable products. This will be a significant source of growth for the business moving forward with additional new products planned and production scheduled across the next financial year and into the future.

In addition, the group has continued to invest further overhead and operational costs in sales and delivery capabilities to drive future growth and improve control in the business. The benefits of these investments will be seen in the continued growth of the business in future periods.

The directors are satisfied with the results and year-end financial position, and the directors hope to achieve growth by additional contracts won, improved efficiencies and a continuous monitoring of overheads.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks. The profitability and infrastructure of the business within the group are continually monitored by the directors in the light of changes within the highly competitive industry and changes implemented where deemed appropriate. The principal risks are considered to be single sourcing of our main generator product (SDMO) and the influx of cheaper products into the market place from abroad.

SECTION 172(1) STATEMENT
The directors consider, both individually and together, that they have acted in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 30 April 2024.

ENGAGEMENT WITH EMPLOYEES
Within the bounds of confidentiality, staff at all levels are kept fully informed of matters that affect the progress of the company and group and are of interest to them as employees.

Disabled persons are given full and fair consideration for all types of vacancy. If an existing employee becomes disabled, such steps as are practical and reasonable are taken to retain him/her in employment. Where appropriate, assistance with rehabilitation and suitable training are given. Disabled persons have equal opportunities for training, career development and promotion, except insofar as such opportunities are constrained by the practical limitations of their disability.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors have had regard to the need to foster the company's business relationships with suppliers, customers and others.


The Wilmott Group Limited (Registered number: 15266835)

Group Strategic Report
for the Year Ended 30 April 2024

FINANCIAL INSTRUMENTS
The company uses basic financial instruments such as hire purchase, finance leases and banking facilities to finance capital expenditure and growth.

Cash flow risk
Cash flow is carefully managed and the directors consider that the controls and facilities in place are adequate to meet the needs of the business.

Financial risk
The directors manage the group's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the group's providers of finance and its other external financial advisers.

Interest rate risk
The group finances its operations through a mixture of retained profits, bank borrowing and hire purchase leases.

Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through bank borrowings and retained profits. The group policy throughout the period has been to ensure continuity of funding and short term flexibility was achieved by overdraft facilities.

Currency risk
Currency risk is restricted to the short term settlement of trading balances with customers and suppliers.

ORGANISATION
The directors continue to monitor the group's organisation and profitability in light of changes within a highly competitive industry. Changes are implemented where deemed appropriate in order to minimise the effects of the risks and uncertainties the company faces in retaining market share and maintaining margins.

RESEARCH AND DEVELOPMENT
The group continues to invest in the quality and design of its products believing that continued investment in research and development is fundamental to the growth of the business.

ON BEHALF OF THE BOARD:





A K Wilmott - Director


31 January 2025

The Wilmott Group Limited (Registered number: 15266835)

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.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 6,591,179 .

DIRECTORS
The directors who have held office during the period from 1 May 2023 to the date of this report are as follows:

V A Wilmott - appointed 1 March 2024
C M Wilmott - appointed 1 March 2024
A K Wilmott - appointed 7 November 2023

STREAMLINED ENERGY AND CARBON REPORTING
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2023 to 31 December 2023, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy.

Our methodology to calculate our greenhouse gas emissions is based on the 'UK Government GHG Conversion Factors for Company Reporting' Standard Set 2022 Version 2.0.

During the reporting period, the main efficiency measures that have been taken are that we have opened regional depots, which has reduced travelling distances for mobile engineers. We have also developed 'NetZ Pack' which reduces generator's fuel consumption. The table below includes total energy consumption (reported as kgCO2e) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.


01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Total Energy Consumption (kWh) 8,867,741 8,089,729
UK emissions only (kgCO2e) 2,182,770 2,017,544
Gas and fuel emissions (kgCO2e) 2,112,325 1,917,433
Electricity emissions (kgCO2e) 71,444 100,110
Intensity Ratio: Relative emissions per employee (kgCO2e) 7,156 9,047

DISCLOSURE IN THE STRATEGIC REPORT
The matters required to be disclosed under SI (2008) 410 Sch 7 relating to financial instruments and research and development are contained within the Strategic Report as applicable in accordance with s414C(11) of the Companies Act 2006.

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 Wilmott Group Limited (Registered number: 15266835)

Report of the Directors
for the Year Ended 30 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A K Wilmott - Director


31 January 2025

Report of the Independent Auditors to the Members of
The Wilmott Group Limited

Opinion
We have audited the financial statements of The Wilmott Group 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 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 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 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.

Report of the Independent Auditors to the Members of
The Wilmott Group Limited


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 pages four and 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.

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 company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the power services industry and we considered the extent to which non-compliance might have a material effect on the financial statements. 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. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
The Wilmott Group 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.




Ian Neal FCA CTA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

31 January 2025

The Wilmott Group Limited (Registered number: 15266835)

Consolidated
Profit and Loss Account
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 147,671,400 109,132,696

Cost of sales 108,402,993 83,578,817
GROSS PROFIT 39,268,407 25,553,879

Administrative expenses 19,884,537 12,225,194
OPERATING PROFIT 4 19,383,870 13,328,685

Interest receivable and similar income 221,074 -
19,604,944 13,328,685

Interest payable and similar expenses 5 1,213,377 895,056
PROFIT BEFORE TAXATION 18,391,567 12,433,629

Tax on profit 6 4,874,170 2,396,857
PROFIT FOR THE FINANCIAL YEAR 13,517,397 10,036,772

OTHER COMPREHENSIVE INCOME
Surrender of share options - 16,963
Merger reserve 4,950 -
Income tax relating to components of
other comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

4,950

16,963
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

13,522,347

10,053,735

Profit attributable to:
Owners of the parent 13,517,397 10,036,772

Total comprehensive income attributable to:
Owners of the parent 13,522,347 10,053,735

The Wilmott Group Limited (Registered number: 15266835)

Consolidated Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 387,709 151,030
Tangible assets 10 52,758,053 31,937,994
Investments 11
Interest in joint venture
Share of gross assets 1 -
53,145,763 32,089,024

CURRENT ASSETS
Stocks 12 13,333,867 11,369,921
Debtors 13 60,506,435 20,442,891
Cash at bank 7,004,990 20,341,868
80,845,292 52,154,680
CREDITORS
Amounts falling due within one year 14 86,793,971 55,117,312
NET CURRENT LIABILITIES (5,948,679 ) (2,962,632 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,197,084

29,126,392

CREDITORS
Amounts falling due after more than one
year

15

(16,968,304

)

(10,703,000

)

PROVISIONS FOR LIABILITIES 19 (9,517,745 ) (4,643,575 )
NET ASSETS 20,711,035 13,779,817

CAPITAL AND RESERVES
Called up share capital 20 5,050 5,000
Revaluation reserve 21 361,300 361,300
Capital redemption reserve 21 5,000 5,000
Merger reserve 21 4,950 -
Other reserves 21 135,701 135,701
Retained earnings 21 20,199,034 13,272,816
SHAREHOLDERS' FUNDS 20,711,035 13,779,817

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:





A K Wilmott - Director


The Wilmott Group Limited (Registered number: 15266835)

Company Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 5,050 -
5,050 -
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,050

-

CAPITAL AND RESERVES
Called up share capital 20 5,050 -
Other reserves 21 135,701 -
Retained earnings 21 (135,701 ) -
SHAREHOLDERS' FUNDS 5,050 -

Company's profit for the financial year - -

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:





A K Wilmott - Director


The Wilmott Group Limited (Registered number: 15266835)

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

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 May 2022 5,000 6,885,697 535,232

Changes in equity
Dividends - (3,840,548 ) -
Total comprehensive income - 10,227,667 (173,932 )
Balance at 30 April 2023 5,000 13,272,816 361,300

Changes in equity
Issue of share capital 50 - -
Dividends - (6,591,179 ) -
Total comprehensive income - 13,517,397 -
Balance at 30 April 2024 5,050 20,199,034 361,300
Capital
redemption Merger Other Total
reserve reserve reserves equity
£    £    £    £   
Balance at 1 May 2022 5,000 - 272,086 7,703,015

Changes in equity
Share options vesting - - (136,385 ) (136,385 )
Dividends - - - (3,840,548 )
Total comprehensive income - - - 10,053,735
Balance at 30 April 2023 5,000 - 135,701 13,779,817

Changes in equity
Issue of share capital - - - 50
Dividends - - - (6,591,179 )
Total comprehensive income - 4,950 - 13,522,347
Balance at 30 April 2024 5,000 4,950 135,701 20,711,035

The Wilmott Group Limited (Registered number: 15266835)

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

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   

Changes in equity
Balance at 30 April 2023 - - - -

Changes in equity
Issue of share capital 5,050 - - 5,050
Total comprehensive income - (135,701 ) 135,701 -
Balance at 30 April 2024 5,050 (135,701 ) 135,701 5,050

The Wilmott Group Limited (Registered number: 15266835)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 12,424,125 29,789,077
Interest paid (179,378 ) (164,876 )
Interest element of hire purchase
payments paid

(1,033,999

)

(730,180

)
Net cash from operating activities 11,210,748 28,894,021

Cash flows from investing activities
Purchase of intangible fixed assets (272,974 ) (151,030 )
Purchase of tangible fixed assets (12,006,611 ) (9,491,177 )
Purchase of fixed asset investments (1 ) -
Sale of tangible fixed assets 122,528 1,121,972
Interest received 221,074 -
Net cash from investing activities (11,935,984 ) (8,520,235 )

Cash flows from financing activities
New loans in year - 1,000,000
Loan repayments in year (750,962 ) (278,385 )
Invoice discounting facility changes - 751
Capital repayments in year (5,099,501 ) (3,929,734 )
Amount withdrawn by directors (175,000 ) -
Share issue 5,000 -
Share options vesting - (119,422 )
Equity dividends paid (6,591,179 ) (3,840,548 )
Net cash from financing activities (12,611,642 ) (7,167,338 )

(Decrease)/increase in cash and cash equivalents (13,336,878 ) 13,206,448
Cash and cash equivalents at
beginning of year

25

20,341,868

7,135,420

Cash and cash equivalents at end of
year

25

7,004,990

20,341,868

The Wilmott Group Limited (Registered number: 15266835)

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

1. STATUTORY INFORMATION

The Wilmott Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Consolidation
The consolidated accounts incorporate the accounts of The Wilmott Group Limited and all of its subsidiary undertakings. Merger accounting has been adopted to include the results of the subsidiaries as if they had always formed part of the group and the comparatives reflect this, including adjustments to affect the accounting period.

Turnover
Other than on certain long term contracts, turnover represents the amounts (excluding value added tax) derived from the provision of goods, services and rentals charged under operating leases. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment. On certain long term contracts, turnover represents the estimated sales value of the work performed in the year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being
amortised evenly over its estimated useful life of ten 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.

Development costs are not being amortised as the asset is not yet available for use.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Land and buildings- 2% on revaluation and 2% on cost
Hire generators- 10% on revaluation and 10% on cost
Plant and equipment- 15% on reducing balance
Fixtures and fittings- 20% to 33% on cost
Motor vehicles- 25% on reducing balance and 10% on cost
Locomotives- 2.5% on cost
Software- 20% on cost

Freehold land is not depreciated.

The Wilmott Group Limited (Registered number: 15266835)

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

2. ACCOUNTING POLICIES - continued

The assets' residual values, useful lives and the depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account.

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

Work in progress cost includes direct labour. Cost represents the invoiced cost of materials and parts on an average cost basis and an appropriate amount of fixed and variable overheads.

Net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal.

At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Long term contract balances are stated at total costs incurred, net of amounts transferred to the profit and loss account in respect of work carried out to date, less foreseeable losses and applicable payments on accounts.

Deferred tax
Deferred tax arises from timing differences that are differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted.

Provision is made at current rates for taxation deferred in respect of all material timing differences.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Share based payments
The company issues equity-settled, share based options to certain directors which are measured at fair value and recognised as an expense in the profit and loss account with a corresponding increase in the profit and loss reserve. The costs of associated national insurance contributions are borne by the director.

The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. The fair values of these payments are measured at the dates of the grant and are recognised over the period during which the directors become unconditionally entitled to the award. At the balance sheet date, the company revises its estimates of the number of options that are expected to vest and recognises the impact of the revision to original estimates, if any, in the profit and loss account, with a corresponding adjustment to the profit and loss reserve.

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.

The Wilmott Group Limited (Registered number: 15266835)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Invoice discounting
The debts discounted are included within trade debtors with a financing limit relating to proceeds received from the invoice discounter included within debtors.

The interest element and other discount charges are recognised within the profit and loss account as they accrue.

Judgements in applying accounting policies and key sources of estimation
In the application of the company's accounting policies the directors are required to make judgement estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

Tangible fixed assets are depreciated over their useful economic lives taking in to account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken in to account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost.

The value of stock is assessed for impairment. In re-assessing the stock value, factors such as slow movement and obsolescence are taken in to account.

Land and buildings are held at fair value based on an expert's valuation taking into account local conditions and market values for similar properties. The assumptions are reviewed at least annually and revisions recognised in the current or previous period as is applicable.

Long term contracts are those extending in excess of 12 months and any of a shorter duration which are material to the activity of the period. Attributable profit is recognised once the outcome of a long term contract can be assessed with reasonable certainty. Attributable profit is recognised on the cost percentage completion method. Immediate provision is made for all foreseeable losses if a contract is assessed as unprofitable.

The value of the equity-settled, share based options and the number of options that are expected to vest are assessed annually as noted in the specific accounting policy.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 13,878,900 8,833,848
Social security costs 1,486,634 950,049
Other pension costs 1,052,402 615,792
16,417,936 10,399,689

The Wilmott Group Limited (Registered number: 15266835)

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

3. EMPLOYEES AND DIRECTORS - continued

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

Directors 3 3
Management and administration 165 98
Engineers and drivers 224 120
392 221

2024 2023
£    £   
Directors' remuneration 89,013 31,176

4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 988,005 680,228
Depreciation - owned assets 2,215,834 1,222,985
Depreciation - assets on hire purchase contracts 2,538,466 1,865,292
Loss/(profit) on disposal of fixed assets 55,415 (262,972 )
Goodwill amortisation 13,171 -
Development costs amortisation 23,124 -
Auditors' remuneration 63,300 19,250
Auditors' remuneration for non audit work 12,663 7,734
Foreign exchange differences (36,568 ) -
Leased generator income (8,687,661 ) (7,784,557 )
Research and development 500,000 152,143
Hire of plant and machinery - within cost of sales 17,988 7,546

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 179,378 164,876
Hire purchase 1,033,002 714,133
Finance lease interest 997 16,047
1,213,377 895,056

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 4,874,170 2,396,857
Tax on profit 4,874,170 2,396,857

The Wilmott Group Limited (Registered number: 15266835)

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

6. TAXATION - continued

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
£    £   
Profit before tax 18,391,567 12,433,629
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19.493 %)

4,597,892

2,423,687

Effects of:
Expenses not deductible for tax purposes 12,287 4,451
Other timing differences 263,991 7,274
Research and development - (38,555 )
Total tax charge 4,874,170 2,396,857

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Surrender of share options
Merger reserve 4,950 - 4,950
4,950 - 4,950

2023
Gross Tax Net
£    £    £   
Surrender of share options 16,963 - 16,963

7. 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.


8. DIVIDENDS

2024 2023
£ £
Ordinary shares of £1 each
Interim 6,591,179 3,840,548

The Wilmott Group Limited (Registered number: 15266835)

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

9. INTANGIBLE FIXED ASSETS

Group
Development
Goodwill costs Totals
£    £    £   
COST
At 1 May 2023 - 151,030 151,030
Additions 225,794 47,180 272,974
At 30 April 2024 225,794 198,210 424,004
AMORTISATION
Amortisation for year 13,171 23,124 36,295
At 30 April 2024 13,171 23,124 36,295
NET BOOK VALUE
At 30 April 2024 212,623 175,086 387,709
At 30 April 2023 - 151,030 151,030

10. TANGIBLE FIXED ASSETS

Group
Land and Hire Plant and
buildings generators equipment
£    £    £   
COST OR VALUATION
At 1 May 2023 4,326,569 31,274,020 884,083
Additions 1,783,927 19,442,387 1,028,022
Disposals (19,670 ) (75,812 ) -
At 30 April 2024 6,090,826 50,640,595 1,912,105
DEPRECIATION
At 1 May 2023 282,964 7,831,293 561,864
Charge for year 120,173 3,613,531 118,934
Eliminated on disposal (94 ) (46,349 ) -
At 30 April 2024 403,043 11,398,475 680,798
NET BOOK VALUE
At 30 April 2024 5,687,783 39,242,120 1,231,307
At 30 April 2023 4,043,605 23,442,727 322,219

The Wilmott Group Limited (Registered number: 15266835)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Locomotives Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 1,162,559 4,910,498 309,135 42,866,864
Additions 516,366 2,981,600 - 25,752,302
Disposals (9,005 ) (166,142 ) - (270,629 )
At 30 April 2024 1,669,920 7,725,956 309,135 68,348,537
DEPRECIATION
At 1 May 2023 755,116 1,244,481 253,152 10,928,870
Charge for year 233,897 660,037 7,728 4,754,300
Eliminated on disposal (5,075 ) (41,168 ) - (92,686 )
At 30 April 2024 983,938 1,863,350 260,880 15,590,484
NET BOOK VALUE
At 30 April 2024 685,982 5,862,606 48,255 52,758,053
At 30 April 2023 407,443 3,666,017 55,983 31,937,994

Cost or valuation at 30 April 2024 is represented by:

Land and Hire Plant and
buildings generators equipment
£    £    £   
Valuation in 2014 - 1,424,029 -
Cost 6,090,826 49,216,566 1,912,105
6,090,826 50,640,595 1,912,105

Fixtures
and Motor
fittings vehicles Locomotives Totals
£    £    £    £   
Valuation in 2014 - - - 1,424,029
Cost 1,669,920 7,725,956 309,135 66,924,508
1,669,920 7,725,956 309,135 68,348,537

If hire generators had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 50,706,299 31,339,724
Aggregate depreciation 11,908,821 8,335,069

Hire generators were valued on a current market basis on 30 April 2014 by Powerfind International Ltd .

The Wilmott Group Limited (Registered number: 15266835)

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

10. TANGIBLE FIXED ASSETS - continued

Group

The net book value of tangible fixed assets includes £25,528,072 (2023 - £16,125,558) in respect of assets held under hire purchase contracts.

Locomotives used by the company for leasing activities comprised a cost of £309,135 (2023 - £309,135) and accumulated depreciation of £260,880 (2023 - £253,152). Depreciation for the year on these assets was £7,728 (2023 - £7,728).

Hire generators used by the company for leasing activities comprised a cost/revalued amount of £50,640,595 (2023 - £31,274,020). Accumulated depreciation of £11,398,475 (2023 - £7,831,293). Depreciation for the year on these assets was £3,613,531 (2023 - £2,325,482).

11. FIXED ASSET INVESTMENTS

Group
Interest
in joint
venture
£   
COST
Additions 1
At 30 April 2024 1
NET BOOK VALUE
At 30 April 2024 1
Company
Unlisted
investments
£   
COST
Additions 5,050
At 30 April 2024 5,050
NET BOOK VALUE
At 30 April 2024 5,050

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

W B Power Services Limited
Registered office: Heanor Gate Industrial Estate, Heanor Gate Road, Heanor, Derbyshire DE75 7RJ
Nature of business: Industrial plant engineering and hire
%
Class of shares: holding
Ordinary 100.00
Non-voting 'A' 100.00

The Wilmott Group Limited (Registered number: 15266835)

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

11. FIXED ASSET INVESTMENTS - continued

Wiltech Acoustics Limited
Registered office: Heanor Gate Industrial Estate, Heanor Gate Road, Heanor, Derbyshire DE75 7RJ
Nature of business: Industrial plant engineering and hire
%
Class of shares: holding
Ordinary 100.00
Non-voting A 100.00


12. STOCKS

Group
2024 2023
£    £   
Stocks 7,769,686 6,117,171
Work-in-progress 5,564,181 5,252,750
13,333,867 11,369,921

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 27,065,173 18,542,161
Amounts recoverable on contract 30,051,842 984,813
Other debtors 1,931,747 128,487
Owed by related parties 181,886 116,208
Directors' current accounts 175,000 -
Prepayments 1,100,787 671,222
60,506,435 20,442,891

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 292,757 706,898
Other loans (see note 16) - 45,352
Hire purchase contracts (see note 17) 6,017,949 3,930,080
Payments on account 15,349 885,286
Trade creditors 55,722,666 25,902,131
Social security and other taxes 998,741 3,631,966
Other creditors 167,668 343,436
Accrued expenses 23,578,841 19,671,647
Deferred government grants - 516
86,793,971 55,117,312

The Wilmott Group Limited (Registered number: 15266835)

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

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

Group
2024 2023
£    £   
Bank loans (see note 16) 1,915,666 2,207,134
Hire purchase contracts (see note 17) 15,052,638 8,494,317
Deferred government grants - 1,549
16,968,304 10,703,000

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 292,757 706,898
Amounts due under discounting - 45,352
292,757 752,250
Amounts falling due between one and two years:
Bank loans - 1-2 years 285,090 297,067
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,630,576 1,122,162
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 787,905

The loans are repayable on 5 year terms, at interest rates of between 3.38% and 12.69%.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 6,017,949 3,930,080
Between one and five years 15,052,638 8,494,317
21,070,587 12,424,397

The Wilmott Group Limited (Registered number: 15266835)

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

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,763,956 922,551
Between one and five years 1,202,360 1,142,207
2,966,316 2,064,758

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 2,208,423 2,914,032
Hire purchase contracts 21,070,587 12,424,397
Invoice discounting - 45,351
23,279,010 15,383,780

Bank loans are secured by way of fixed and floating charges or by a charge on certain land, buildings and other assets.

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

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Tax losses carried forward (523,126 ) (183,367 )
Deferred tax 10,040,871 4,826,942
9,517,745 4,643,575

Group
Deferred
tax
£   
Balance at 1 May 2023 4,643,575
Provided during year 4,874,170
Balance at 30 April 2024 9,517,745

The Wilmott Group Limited (Registered number: 15266835)

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

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
252,500 Ordinary £0.01 2,525 2,500
252,500 Ordinary A £0.01 2,525 2,500
5,050 5,000

21. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve
£    £    £   

At 1 May 2023 13,272,816 361,300 5,000
Profit for the year 13,517,397
Dividends (6,591,179 )
At 30 April 2024 20,199,034 361,300 5,000

Group
Merger Other
reserve reserves Totals
£    £    £   

At 1 May 2023 - 135,701 13,774,817
Profit for the year 13,517,397
Dividends (6,591,179 )
Transfer 4,950 - 4,950
At 30 April 2024 4,950 135,701 20,705,985

Company
Retained Other
earnings reserves Totals
£    £    £   

Profit for the year - -
Replacement of share options (135,701 ) 135,701 -
At 30 April 2024 (135,701 ) 135,701 -


22. RELATED PARTY DISCLOSURES

The directors maintain current accounts with the group. At the balance sheet date, the balances owed from such persons are included within the debtors note. The balances are interest free and repayable on demand.

During the prior year, the group sold a property to a Retirement Benefit scheme, a pension scheme in which some of the directors are trustees and beneficiaries. Proceeds from the sale were £520,000. During the year the group paid rent to the pension scheme of £26,438 (2023 - £5,698).

The Wilmott Group Limited (Registered number: 15266835)

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

23. SHARE-BASED PAYMENT TRANSACTIONS

During the year, the parent company granted 238 share options to employees at an exercise price of £186, and 98 share options to employees at an exercise price of £404.

The share options were granted as replacement options for those previously held in the subsidiary, as part of the group restructure.

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

2024 2023
£    £   
Profit before taxation 18,391,567 12,433,629
Depreciation charges 4,790,596 3,088,275
Loss/(profit) on disposal of fixed assets 55,415 (262,972 )
Finance costs 1,213,377 895,056
Finance income (221,074 ) -
24,229,881 16,153,988
Increase in stocks (1,963,946 ) (8,440,254 )
Increase in trade and other debtors (39,888,544 ) (3,525,660 )
Increase in trade and other creditors 30,046,734 25,601,003
Cash generated from operations 12,424,125 29,789,077

25. 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 7,004,990 20,341,868
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 20,341,868 7,135,420


The Wilmott Group Limited (Registered number: 15266835)

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

26. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 20,341,868 (13,336,878 ) 7,004,990
20,341,868 (13,336,878 ) 7,004,990
Debt
Finance leases (12,424,397 ) (8,646,190 ) (21,070,587 )
Debts falling due within 1 year (752,250 ) 459,493 (292,757 )
Debts falling due after 1 year (2,207,134 ) 291,468 (1,915,666 )
(15,383,781 ) (7,895,229 ) (23,279,010 )
Total 4,958,087 (21,232,107 ) (16,274,020 )

27. EMPLOYEE BENEFITS

Included within the notes to the financial statements are payments to the defined contribution pension scheme. Also included within the notes to the financial statements is an amount for share options vesting.