REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
WILLETT AND SON (BRISTOL) LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
WILLETT AND SON (BRISTOL) LIMITED |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
WILLETT AND SON (BRISTOL) 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 AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Strategic Report |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors' strategic report is presented for the year ended 30 April 2024. |
Review of the business and development and performance |
Turnover for the year to 30 April 2024 was in line with the directors' expectations at £44.6 million (2023: £64.04 million). |
The company's gross profit margin increased from 1.49% for the year to 30 April 2023 to 1.79% for 2024, resulting in a gross profit of £799k (2023: £956k). |
The company's total overheads decreased during the year to £811k, down from £929k in 2023. The slight decrease is considered normal for day to day running of the business. |
The company recorded an operating profit of £29k for the year to 30 April 2024 (2023: £103k). The directors consider this to be in line with expectations. |
Control of operating costs and administrative expenses continues to be a priority for the company and it aims to maintain an operating profit position into the foreseeable future. |
The remeasurement of the company'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: losses of £6.6k). |
Net cash generated from operating activities amounted to £279k for the year to 30 April 2024 (2023: £1.6 million). |
After accounting for the net decrease in loans from group undertakings in the sum of £26k, the net cash inflow for the company for the year amounted to £250k (2023: £1.7 million). |
As at 30 April 2024 cash and cash equivalents amounted to £34k (2023: £217k deficit). |
The directors believe that the company has sufficient working capital to meet its normal trading requirements. |
The directors expect the company'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 company aims to grow its tonnage turnover and expand its customer base by continuing to offer a high level of 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 £22.5k (2023: £80k). After accounting for gains of £170k (2023: £203k) on the remeasurement of the defined benefit plan, total comprehensive income for the year amounted to £193k (2023: £283k). |
The directors consider that the results achieved for the year are satisfactory in view of the volatile nature of commodities markets. |
The directors do not recommend the payment of a dividend for the year. |
Principal risks and uncertainties |
The company'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 company is that of continued uncertainty in the agricultural commodities markets. The company 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 AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Strategic Report |
FOR THE YEAR ENDED 30 APRIL 2024 |
Competition - The company 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 company's suppliers. The company 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 company by reference to certain financial key performance indicators in the following areas: |
Sales targets and margins - The company had a decrease in turnover of £19.4m compared to 2023 but resulted in an increased gross profit margin of 1.79% for the year (2023: 1.49%). |
Cash position - The company recorded a decrease in cash and cash equivalents of £250k for the year (2023: £1.7 million). |
Debtor balances and ageing - The company recorded average debtor days of 22 for the year (2023: 19 days). As at 30 April 2024, the company had trade debtors of £Nil aged in excess of three months (2023: £Nil). |
Staff costs - Total staff costs decreased to £443k, down from £444k in 2023. |
Overheads - The company's total overheads decreased to £811k, down from £929k in 2023. |
The directors consider that the company has performed satisfactorily and in line with their expectations for these key performance indicators. |
ON BEHALF OF THE BOARD: |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Report of the Directors |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their 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 the wholesale merchanting of animal feedstuffs and fertilisers. |
DIVIDENDS |
The directors do not recommend the payment of a dividend. |
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 |
The Companies Act 2006 (Strategic Report and Directors' Report) regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance these have been included within the Strategic Report rather than the Directors' Report in accordance with s.414C (11) Companies Act 2006. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Report of the Directors |
FOR THE YEAR ENDED 30 APRIL 2024 |
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 company'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 company's auditors are aware of that information. |
AUDITORS |
The auditors, 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: |
Report of the Independent Auditors to the Members of |
Willett and Son (Bristol) Limited |
Opinion |
We have audited the financial statements of Willett and Son (Bristol) Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 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 Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Willett and Son (Bristol) Limited |
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 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, 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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Willett and Son (Bristol) 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 company 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 company 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 and Son (Bristol) 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 AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Income Statement |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(11,784 | ) | 26,566 |
Other operating income | 5 |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 10 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Other Comprehensive Income |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Remeasurement of defined benefit plan |
Income tax relating to other comprehensive income |
( |
) |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Balance Sheet |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PENSION ASSET | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
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 |
Profit for the year | - | 80,160 | 80,160 |
Other comprehensive income | - | 203,065 | 203,065 |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Profit for the year | - | 22,517 | 22,517 |
Other comprehensive income | - | 170,318 | 170,318 |
Total comprehensive income | - |
Balance at 30 April 2024 |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Cash Flow Statement |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loans from group undertakings | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
(216,674 |
) |
(1,916,970 |
) |
Cash and cash equivalents at end of year | 2 | 33,541 | ( |
) |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Cash Flow Statement |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
37,662 | 114,543 |
Decrease/(increase) in stocks | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 33,541 | 33,790 |
Bank overdrafts | ( |
) |
33,541 | (216,674 | ) |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 33,790 | 32,330 |
Bank overdrafts | ( |
) | ( |
) |
(216,674 | ) | (1,916,970 | ) |
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 | 33,790 | (249 | ) | 33,541 |
Bank overdrafts | (250,464 | ) | 250,464 | - |
(216,674 | ) | 33,541 |
Total | (216,674 | ) | 250,215 | 33,541 |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | COMPANY INFORMATION |
Willett and Son (Bristol) Limited is a |
The company's principal activities and nature of its operations are disclosed in the Directors' Report. |
2. | STATEMENT OF COMPLIANCE |
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. |
Preparation of consolidated financial statements |
The financial statements contain information about Willett and Son (Bristol) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Copies of the consolidated group accounts of Willett & Son Holdings Limited may be obtained at 51 Queen Square, Bristol, BS1 4LJ. |
Significant judgements and estimates |
It is considered that there are no significant estimates within the accounts to disclose. |
Turnover |
Turnover is the total amount receivable by the company for goods supplied, exclusive of Value Added Tax and trade discounts. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings freehold - no depreciation |
Fixtures, fittings and equipment - 33% straight line and 25% reducing balance |
Motor vehicles - 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 freehold land and buildings, any depreciation would be immaterial to the financial statements. |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less provision for permanent diminution in value. |
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 company 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 company 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 company 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 company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying an approximate exchange rate as at the date of the transaction. This rate is revised regularly through the course of the year. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit and loss. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Defined benefit plans |
During the year ended 30 April 2023 the company was the principal employer of the Willett & Son Holdings Limited Retirement & Death Benefit Scheme. Contributions are made to a separately administered fund. Contributions to this fund are charged in the profit and loss account so as to spread the cost of pensions over the employees' working lives 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 company 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. |
Defined contribution plans |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises. |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | 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 |
£ | £ |
The whole turnover is attributable to the principal activity of the company which is wholly undertaken in the United Kingdom. |
5. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Management charges receivable | 18,000 | 60,000 |
Maintenance agreements | 22,426 | 13,929 |
Interest received on trade debt | - | 2,082 |
40,426 | 76,011 |
6. | 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 |
Administration | 3 | 3 |
Selling and distribution | 4 | 4 |
Management | 3 | 1 |
7. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
7. | DIRECTORS' EMOLUMENTS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes |
Directors' pension contributions to defined benefit schemes were in the sum of £nil (2023: £nil). |
8. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
9. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
16,100 |
17,218 |
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 |
Under/over provision for prior |
period | 165 | - |
Tax on profit |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the 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 |
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 | - |
trading losses |
Marginal relief | (842 | ) | (165 | ) |
Under provision of prior year tax | 165 | - |
Total tax charge | 6,125 | 22,417 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Remeasurement of defined benefit plan | (56,772 | ) | 170,318 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Remeasurement of defined benefit plan | (74,934 | ) | 203,065 |
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 year was 25% (2023: 19.493%). |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures, |
Land and | fittings |
buildings | and | Motor |
freehold | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 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 |
12. | FIXED ASSET INVESTMENTS |
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 company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 1 London Road, Ipswich, Suffolk, IP1 2HA |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Stocks recognised in cost of sales during the year as an expense were in the sum of £40,862,447 (2023 - £61,176,093). |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
The bank borrowings are secured by fixed and floating charges over all of the company's assets and unlimited guarantees supplied by fellow group undertakings. |
The bank borrowings include £Nil (2023: £250,464) due to the factoring company which is secured by a charge over the debtors book. |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
17. | FINANCIAL INSTRUMENTS |
The carrying amount for each category of financial instrument is as follows: |
2024 | 2023 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 2,673,213 | 3,368,532 |
Amounts owed by group undertakings | - | - |
Cash at bank and in hand | 33,541 | 33,790 |
2,706,754 | 3,402,322 |
Financial liabilities measured at amortised cost |
Trade creditors | 2,189,978 | 3,051,502 |
Amounts owed to group undertakings | 524,313 | 550,282 |
Other creditors | 150,871 | 205,732 |
Bank loans and overdrafts | - | 250,464 |
2,865,162 | 4,057,980 |
The bank borrowings are secured by fixed and floating charges over all of the company's assets and unlimited guarantees supplied by fellow group undertakings. |
The bank borrowings include £Nil (2023: £250,464) due to the factoring company which is secured by a charge over the debtors book. |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 101,400 | 101,400 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
Remeasurement of defined |
benefit plan | 170,318 |
At 30 April 2024 |
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
20. | EMPLOYEE BENEFIT OBLIGATIONS |
Defined contribution plans |
The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the year was £102,251 (2023: £108,130). |
Defined benefit plans |
The company is the principal employer for the Willett & Son Holdings Limited Retirement and Death Benefit Scheme, which is a defined benefit pension scheme. |
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 the defined benefit obligation at £1,451k. |
The present value of defined benefit obligations recognised in the financial statements is 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 | ) |
395,118 |
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 |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
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 | - |
Pension contributions payable | - |
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 | - |
Monies received in relation to pension contributions payable | - |
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 | - | - |
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) | 2.1% | 2.1% |
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% |
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 |
WILLETT AND SON (BRISTOL) LIMITED (REGISTERED NUMBER: 00652625) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
2024 | 2023 |
% | % |
Equities and bonds | 99.19 | 98.28 |
Cash at bank | 0.81 | 1.72 |
100.00 | 100.00 |
21. | ULTIMATE PARENT COMPANY AND CONTROLLING PARTY |
The company's ultimate parent undertaking is Willett & Son Holdings Limited, a company registered in England and Wales. The registered office address of the parent undertaking is the same as that given on the company information page of these accounts. There is no ultimate controlling party. |
22. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
Guarantees and a debenture have been given to Clydesdale Bank plc in respect of the borrowings of Willett & Son Holdings Limited and Comfeeds (Ipswich) Limited. |
At the year end date the total indebtedness of Willlett & Son Holdings Limited and Comfeeds (Ipswich) Limited in respect of Clydesdale Bank plc was £Nil (2023 - £31,248) in each case. |
23. | RELATED PARTY DISCLOSURES |
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. |