REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
Wasdell Manufacturing Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
Wasdell Manufacturing Limited |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
Wasdell Manufacturing Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Strategic Report |
for the Year Ended 30 April 2024 |
The director presents his strategic report for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
Turnover in FYE 2024 was £10.2m which reflects a growth of 25% the previous year. The company has maintained its high-profile accounts and seen growth in relation to our key account albeit this account contract will be subject of renewed terms in November 2025. Gross margin has decreased from 65.1% to 56.0% which has been driven by a combination of increase in cost of materials and mix of customer orders. EBITDA of £3.1m is down from £3.7m reflecting decrease in gross margin and negative impact on Foreign Exchange. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors have identified the following risks and uncertainties currently effecting the business. |
Revenue |
Wasdell Manufacturing Limited supply contract with its key customer is due for renewal in November 2025 which may impact Revenue adversely. Site leadership and commercial teams are exploring different strategies to negate risk of lost revenue to the site. |
Cost inflation risk |
2025 will see inflationary pressures on both materials, labour and service costs as a result in the increase to the minimum wage and National insurance costs. Wasdell will look to find efficiencies to offset this impact and also work with our customers to manage costs however there is a risk of negative impact to revenue and profit as a result of these increases. |
Market Risk |
The company has been impacted by the ability to deal competitively with the EU market since Brexit especially in the Pharmaceutical sector. Requirements for UK manufactured products to receive repeat QC testing before being released into the EU market has added additional cost and perceived risk for EU companies that would outsource activities to UK businesses.. |
The company has some exposure to the Euro but manages this between the group companies to mitigate exposure. |
Legislative and Regulatory Risk |
The company operates under various national healthcare regulatory authorities and is committed to a process of continuous improvement and complies with all current standards and practice. The company maintains a reliable Pharmaceutical Quality System and resources to cover all products packaged at the site. |
STREAMLINED ENERGY AND CARBON REPORTING |
The company has declared this information within the strategic report of the consolidated accounts of Wasdell Holdings Limited. |
FINANCIAL & OTHER KEY PERFORMANCE INDICATORS |
The company operates IT systems which are appropriate for its size and the nature of its business. Monthly management accounts are produced and business performance, turnover, customer analysis and production analysis are continually reviewed by senior management. |
The company monitors its performance using a number of performance indicators. This includes |
2024 | 2023 |
£m | £m |
Turnover | 10.2 | 9.1 |
Gross profit | 5.7 | 5.6 |
EBITDA | 3.1 | 3.7 |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Strategic Report |
for the Year Ended 30 April 2024 |
STRATEGY AND BUSINESS MODEL |
Wasdell Manufacturing Ltd is a contract provider of Pharmaceutical and Nutraceutical products. |
The strategy of the business is three fold: |
- | Provide customers with an unrivalled and dependable service in terms of pharmaceutical and nutraceutical |
products. |
- | To identify and explore new profitable opportunities through new technologies and innovations. |
- | Further grow business specifically linked to the Pharmaceutical and Life Science sectors through active |
promotion of its services and capabilities. |
In keeping with the overall strategy of the business, the directors have approved the investment required for the expansion of the business development team to promote its activities and services and in turn grow business. |
The company has continued to grow organically over recent years with a level of new business being introduced. In 2025 Wasdell will look to develop Wasdell Manufacturing Ltd's offerings to drive growth in Revenue offsetting losses associated with the renewal of its major contract for supply. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Key management personnel have communicated with several significant customers and suppliers during the year to build on our existing relationships and ensure that key stakeholder concerns are understood and reported to the board. |
STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS |
No external corporate governance code was applied because of the limited ownership of the business and the direct involvement of the key shareholder in the day-to-day affairs of the business external codes are inappropriate. Instead, the Group uses those codes as guidance as set out in this report. |
ON BEHALF OF THE BOARD: |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Report of the Director |
for the Year Ended 30 April 2024 |
The director presents his report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of manufacture of pharmaceutical preparations. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024 (2023: £0) |
DIRECTOR |
FINANCIAL INSTRUMENTS |
The company holds or issues financial instruments in order to achieve two main objectives, being: |
- | to finance its operations; |
- | to manage its exposure to interest risks arising from its operations and its source of finance; |
- | for trading purposes |
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has opted to disclose future developments in the Strategic Report rather than the Directors Report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Wasdell Manufacturing Limited |
Opinion |
We have audited the financial statements of Wasdell Manufacturing Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 30 April 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Wasdell Manufacturing Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those |
laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included: |
- | Discussions with management, including consideration of known or suspected instances of non-compliance |
with laws and regulations and fraud; |
- | Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; |
- | Reviewing the company's legal costs to check for non-compliance with laws and regulations and fraud; |
- | Review of tax compliance |
- | Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of |
expenses |
- | Testing transactions entered into outside of the normal course of the company's business; and |
- | Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as |
journals with round numbers. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Wasdell Manufacturing Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Hermes House |
Fire Fly Avenue |
Swindon |
Wiltshire |
SN2 2GA |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Statement of Comprehensive |
Income |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,745,841 | 2,023,957 |
OPERATING PROFIT | 5 |
Exceptional items | 6 |
2,954,725 | 3,598,675 |
Interest receivable and similar income |
2,956,566 | 3,598,675 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2024 |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Wasdell Manufacturing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
This information is included in the consolidated financial statements of Wasdell Holdings Limited. as at 30 April 2024 and these financial statements may be obtained from Units 6-8 Euro Way, Blagrove, Swindon, Wiltshire, SN5 8YW, United Kingdom |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when goods leave the manufacturing facility. |
Tangible fixed assets |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
Depreciation and residual values |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Plant and Machinery - 10% on straight line basis |
Depreciation is charged from when an asset is bought into use. Repairs and maintenance costs are expensed as incurred. |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Subsequent additions and major components |
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. |
The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. |
Repairs and maintenance costs are expensed as incurred. |
Derecognition |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction prices, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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. |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Direct labour | 22 | 25 |
Administration and management | 40 | 33 |
2024 | 2023 |
£ | £ |
Director's remuneration |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items |
The exceptional item relates to an intercompany loan write off with a 100% owned subsidiary of £Nil (2023 £59,606) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Corporation tax interest |
8. | 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 |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% . |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods |
Deferred tax adjustment | (5,442 | ) | 23 |
Group relief utilised | (123,703 | ) | - |
Total tax charge | 631,097 | 686,427 |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
Finished goods |
Engineering | 142,077 | 136,054 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | - | 23,499 |
Other creditors |
Deferred income |
Accrued expenses |
Social security and other taxes above includes £12,560 (2023: £11,951) of outstanding pension contributions. |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 73,493 | 78,935 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 30 April 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
At 30 April 2024 |
17. | ULTIMATE CONTROLLING PARTY |
Wasdell Holdings Ltd is regarded by the director as being the company's ultimate parent company. |
Wasdell Holdings Ltd is the parent company by virtue of its 100% shareholding. |
Wasdell Holdings Limited, is the parent of the largest and smallest group in which the company is a member and for which group financial statements are prepared. The consolidated financial statements can be obtained from Units 6-8 Euro Way, Blagrove, Swindon, SN5 8YW. |
The ultimate controlling party is M Tedham. |
18. | CONTINGENT LIABILITIES |
Wasdell Manufacturing Limited is party to a couple of cross-guarantees including the bank borrowings of Wasdell Holdings Limited, the company’s parent, which amounted to £1,575,977 (2023 - £1,691,932) and rolling credit facilities in Wasdell Packaging Ltd of £4,000,000 at 30 April 2024 (2023: £4,000,000) and in Wasdell Europe Ltd for €5,650,000 at 30 April 2024 (2023: €5,650,000) |
All cross-guarantees are secured by a fixed and floating charge over the assets of Wasdell Holdings Limited as a group, including those of Wasdell Manufacturing Limited. |
Wasdell Manufacturing Limited (Registered number: 09134090) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
19. | RELATED PARTY DISCLOSURES |
Companies under common control |
2024 | 2023 |
£ | £ |
Amounts due from related parties | 118,744 | - |
The balances are interest free and repayable on demand |