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REGISTERED NUMBER: 11266974 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

TDH WHEELER LIMITED

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Income and Retained
Earnings

9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


TDH WHEELER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: E D Wheeler
C P Wheeler





REGISTERED OFFICE: Church View Chambers
38 Market Square
Toddington
Dunstable
Bedfordshire
LU5 6BS





REGISTERED NUMBER: 11266974 (England and Wales)





AUDITORS: Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS
The principal activity of the company in the year under review was that of electrical installation.

Results and performance
This has been another year of strong trading and financial performance as we delivered a record turnover for the company for the third year running, and maintained strong margins in an environment of increasing costs.

Demand for new housebuilding declined within 2023 and into 2024, the 2024 economic environment of increased inflation and interest rates has had a significant impact on the housing market. As house prices fell during this year and continue do so, housebuilders have slowed output and scaled back future projects.

Consequently, our future secured turnover is now proportioned more greatly towards the London flat building market with more viable schemes associated to build to rent volume flat building including Government backed social housing developments.

The industry as a whole remains competitive, with continuing pressure on margins from increasing material and labour costs. Material price inflation has slowed more recently but skilled labour shortages continue to drive up costs.

In this environment the company has delivered a very strong financial performance and remains in a strong position. We have reviewed our processes to allow us to purchase more efficiently and improve our pricing competitiveness, and we are continually developing our internal control and reporting processes to drive efficiency.

Our order book is strong and we are well placed to manage our way through any short term difficulties. Our cashflow has remained strong during the year, and our supply chain has remained robust.

In our opinion the key financial performance indicators are as follows;

2024 2023 2022
Gross profit ratio 18.43% 20.42% 19.43%
Net profit ratio 5.29% 5.23% 3.60%
Turnover £20,103,691 £18,470,319 £15,727,781
Turnover growth 8.84% 17.44% 13.44%


TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The expectation is that reduced demand for housebuilding will have an impact throughout the remainder of 2024 and into at least the first part of 2025. As inflationary pressures start to ease and interest rates stabilise the industry should start to see a recovery.

Our order book remains very strong and we offset the slowdown on our housebuilding contracts with larger developments that have continued to progress at pace. The difficulties in the market which have seen some competitors cease trading also provide opportunities for us to bring in new business.

The key risks in the coming months are:
- potential shortage of skilled labour
- increasing costs for materials and labour impacting profitability on fixed price contracts
The above concerns are amplified by planning delays associated to the Building Safety Act 2022, our Clients have multiple schemes that were targeted for commencement in 2025, that are now being changed to start in 2026.
- inflationary pressures returning and resulting in further interest rate increases, which further impact demand in the wider housing market

The short-term outlook for the housebuilding industry remains difficult but we are very well placed to weather this, and with longer-term growth still expected, particularly in the private housebuilding market, with the strength of our business we remain confident for the future.

ON BEHALF OF THE BOARD:





E D Wheeler - Director


11 February 2025

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2024 will be £288,000 (2023: £288,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

E D Wheeler
C P Wheeler

POLITICAL DONATIONS AND EXPENDITURE
No political donations have been made in this or prior years.

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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E D Wheeler - Director


11 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TDH WHEELER LIMITED

Opinion
We have audited the financial statements of TDH Wheeler Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TDH WHEELER LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

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
TDH WHEELER 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.




Robert Brown (Senior Statutory Auditor)
for and on behalf of Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

11 February 2025

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   

REVENUE 20,103,691 18,470,319

Cost of sales 16,399,177 14,697,775
GROSS PROFIT 3,704,514 3,772,544

Administrative expenses 2,871,415 2,950,431
833,099 822,113

Other operating income 3 229,887 143,019
OPERATING PROFIT 5 1,062,986 965,132

Interest receivable and similar income 43,152 4,351
1,106,138 969,483

Interest payable and similar expenses 6 151,285 120,128
PROFIT BEFORE TAXATION 954,853 849,355

Tax on profit 7 225,344 106,295
PROFIT FOR THE FINANCIAL
YEAR

729,509

743,060

Retained earnings at beginning of year 1,978,667 1,523,607

Dividends 9 (288,000 ) (288,000 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

2,420,176

1,978,667

Profit attributable to:
Owners of the parent 729,509 743,060

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 79,995
Property, plant and equipment 11 1,643,351 1,648,149
Investments 12 - -
Investment property 13 2,682,027 2,626,793
4,325,378 4,354,937

CURRENT ASSETS
Inventories 14 70,000 65,000
Debtors 15 3,459,664 4,499,755
Cash at bank and in hand 1,497,375 443,059
5,027,039 5,007,814
CREDITORS
Amounts falling due within one year 16 3,330,152 3,216,581
NET CURRENT ASSETS 1,696,887 1,791,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,022,265

6,146,170

CREDITORS
Amounts falling due after more than one
year

17

(3,329,636

)

(3,905,697

)

PROVISIONS FOR LIABILITIES 21 (272,353 ) (261,706 )
NET ASSETS 2,420,276 1,978,767

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 23 2,420,176 1,978,667
SHAREHOLDERS' FUNDS 2,420,276 1,978,767

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





E D Wheeler - Director


TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

COMPANY BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 712,141 662,809
Investments 12 3,036,055 3,036,055
Investment property 13 2,682,027 2,626,793
6,430,223 6,325,657

CURRENT ASSETS
Debtors 15 133,135 69,662
Cash at bank 505,794 315,268
638,929 384,930
CREDITORS
Amounts falling due within one year 16 2,063,534 1,694,192
NET CURRENT LIABILITIES (1,424,605 ) (1,309,262 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,005,618

5,016,395

CREDITORS
Amounts falling due after more than one
year

17

(2,892,071

)

(3,367,945

)

PROVISIONS FOR LIABILITIES 21 (63,917 ) (63,917 )
NET ASSETS 2,049,630 1,584,533

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 2,049,530 1,584,433
SHAREHOLDERS' FUNDS 2,049,630 1,584,533

Company's profit for the financial year 753,097 817,855

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

COMPANY BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





E D Wheeler - Director


TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,997,319 94,571
Interest paid (69,796 ) (59,856 )
Interest element of hire purchase
payments paid

(46,349

)

(25,132

)
Finance costs paid (35,140 ) (35,140 )
Tax paid (239,756 ) 127,435
Net cash from operating activities 1,606,278 101,878

Cash flows from investing activities
Purchase of tangible fixed assets (306,836 ) (377,179 )
Purchase of investment property (55,234 ) -
Sale of tangible fixed assets 64,088 46,458
Interest received 43,152 4,351
Net cash from investing activities (254,830 ) (326,370 )

Cash flows from financing activities
Loan repayments in year (46,914 ) (307,724 )
Advances in year - 35,752
Amount introduced by directors 15,152 15,055
Amount withdrawn by directors (63,919 ) (117,021 )
Equity dividends paid (288,000 ) (288,000 )
Net cash from financing activities (383,681 ) (661,938 )

Increase/(decrease) in cash and cash equivalents 967,767 (886,430 )
Cash and cash equivalents at
beginning of year

2

443,059

1,329,489

Cash and cash equivalents at end of
year

2

1,410,826

443,059

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

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

31.5.24 31.5.23
£    £   
Profit before taxation 954,853 849,355
Depreciation charges 343,608 720,643
(Profit)/loss on disposal of fixed assets (16,068 ) 649
Other provision (30,000 ) (18,643 )
Finance costs 151,285 120,128
Finance income (43,152 ) (4,351 )
1,360,526 1,667,781
Increase in inventories (5,000 ) (5,000 )
Decrease/(increase) in trade and other debtors 1,092,437 (1,416,808 )
Decrease in trade and other creditors (450,644 ) (151,402 )
Cash generated from operations 1,997,319 94,571

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 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 1,497,375 443,059
Bank overdrafts (86,549 ) -
1,410,826 443,059
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 443,059 1,329,489


TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 443,059 1,054,316 1,497,375
Bank overdrafts - (86,549 ) (86,549 )
443,059 967,767 1,410,826
Debt
Finance leases (745,554 ) 46,914 (698,640 )
Debts falling due within 1 year (63,488 ) 6,122 (57,366 )
Debts falling due after 1 year (797,182 ) 31,628 (765,554 )
(1,606,224 ) 84,664 (1,521,560 )
Total (1,163,165 ) 1,052,431 (110,734 )

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

TDH Wheeler Limited is a private company, limited by shares, registered in England and Wales. It's registered office is Church View Chambers, 38 Market Square, Toddington, Dunstable, Bedfordshire, LU5 6BS.

Its principal place of business is Unit 3-4, Blackmoore Business Park, New Road, Maulden, MK45 2BG.

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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
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.
Freehold property - Not provided as is considered immaterial
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost.

The assets are carried at cost less accumulated depreciation and impairment.

Assets are removed from the statement of financial position on disposal or when it is withdrawn from use and no future economic benefits are expected from its disposal.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

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.

Lease modifications provided by the lessor to the lessee are recognised in the period benefiting from the payment holiday.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. OTHER OPERATING INCOME
31.5.24 31.5.23
£    £   
Rents received 229,887 136,929
Sundry receipts - 590
Government grants - 5,500
229,887 143,019

The company received apprenticeship grants amounting to £5,500 in 2023.

There are no unfulfilled conditions or other contingencies attached to these grants.

4. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 3,367,760 3,465,375
Social security costs 339,962 357,665
Other pension costs 74,735 91,038
3,782,457 3,914,078

The average number of employees during the year was as follows:
31.5.24 31.5.23

Number of directors 2 2
Number of operational staff 88 94
90 96

The average number of employees by undertakings that were proportionately consolidated during the year was 90 (2023 - 96 ) .

31.5.24 31.5.23
£    £   
Directors' remuneration 153,924 38,691
Directors' pension contributions to money purchase schemes 18,986 12,000

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. OPERATING PROFIT

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

31.5.24 31.5.23
£    £   
Hire of plant and machinery 19,826 19,558
Depreciation - owned assets 28,563 26,236
Depreciation - assets on hire purchase contracts 235,051 214,430
(Profit)/loss on disposal of fixed assets (16,068 ) 649
Goodwill amortisation 79,995 479,975
Auditors' remuneration 8,000 7,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank interest - 10,193
Bank loan interest 69,796 49,663
Hire purchase 46,349 25,132
Other loan interest 35,140 35,140
151,285 120,128

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 244,697 76,690

Deferred tax (19,353 ) 29,605
Tax on profit 225,344 106,295

UK corporation tax has been charged at 25 % (2023 - 19 %).

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of £1 each
Interim 288,000 288,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 2,399,874
AMORTISATION
At 1 June 2023 2,319,879
Amortisation for year 79,995
At 31 May 2024 2,399,874
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 79,995

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

11. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 June 2023 650,000 10,107 205,965
Additions - 49,269 18,302
Disposals - - (20,850 )
At 31 May 2024 650,000 59,376 203,417
DEPRECIATION
At 1 June 2023 - 2,471 106,396
Charge for year - 4,250 13,830
Eliminated on disposal - - (6,640 )
At 31 May 2024 - 6,721 113,586
NET BOOK VALUE
At 31 May 2024 650,000 52,655 89,831
At 31 May 2023 650,000 7,636 99,569

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 136,596 1,401,503 2,404,171
Additions 2,751 236,514 306,836
Disposals - (116,591 ) (137,441 )
At 31 May 2024 139,347 1,521,426 2,573,566
DEPRECIATION
At 1 June 2023 81,176 565,979 756,022
Charge for year 8,554 236,980 263,614
Eliminated on disposal - (82,781 ) (89,421 )
At 31 May 2024 89,730 720,178 930,215
NET BOOK VALUE
At 31 May 2024 49,617 801,248 1,643,351
At 31 May 2023 55,420 835,524 1,648,149

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Cost or valuation at 31 May 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2019 56,537 - -
Cost 593,463 59,376 203,417
650,000 59,376 203,417

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2019 - - 56,537
Cost 139,347 1,521,426 2,517,029
139,347 1,521,426 2,573,566

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 June 2023 1,362,688
Additions 236,514
Disposals (116,591 )
At 31 May 2024 1,482,611
DEPRECIATION
At 1 June 2023 534,881
Charge for year 235,051
Eliminated on disposal (82,781 )
At 31 May 2024 687,151
NET BOOK VALUE
At 31 May 2024 795,460
At 31 May 2023 827,807

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

11. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2023 650,000 10,107 3,747 2,621 666,475
Additions - 49,269 5,257 - 54,526
At 31 May 2024 650,000 59,376 9,004 2,621 721,001
DEPRECIATION
At 1 June 2023 - 2,471 751 444 3,666
Charge for year - 4,250 617 327 5,194
At 31 May 2024 - 6,721 1,368 771 8,860
NET BOOK VALUE
At 31 May 2024 650,000 52,655 7,636 1,850 712,141
At 31 May 2023 650,000 7,636 2,996 2,177 662,809

Cost or valuation at 31 May 2024 is represented by:

Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
Valuation in 2019 56,537 - - - 56,537
Cost 593,463 59,376 9,004 2,621 664,464
650,000 59,376 9,004 2,621 721,001

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 June 2023
and 31 May 2024 3,036,055
NET BOOK VALUE
At 31 May 2024 3,036,055
At 31 May 2023 3,036,055

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. FIXED ASSET INVESTMENTS - continued

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

Subsidiary

Wheeler Electrical Limited
Registered office: Church View Chambers, 38 Market Square,Toddington, Bedfordshire, LU5 6BS
Nature of business: electrical installation
%
Class of shares: holding
Ordinary 100.00
31.5.24 31.5.23
£    £   
Aggregate capital and reserves 3,335,710 3,283,119
Profit for the year 744,591 1,193,178


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 June 2023 2,626,793
Additions 55,234
At 31 May 2024 2,682,027
NET BOOK VALUE
At 31 May 2024 2,682,027
At 31 May 2023 2,626,793

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2019 454,613
Valuation in 2020 126,522
Cost 2,100,892
2,682,027

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

31.5.24 31.5.23
£    £   
Cost 1,941,839 1,941,839

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

13. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 June 2023 2,626,793
Additions 55,234
At 31 May 2024 2,682,027
NET BOOK VALUE
At 31 May 2024 2,682,027
At 31 May 2023 2,626,793

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2019 454,613
Valuation in 2020 126,522
Cost 2,100,892
2,682,027

If investment properties had not been revalued they would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 1,941,839 1,941,839

Revaluations of properties have been undertaken by the following independent valuers.19th April 2018 by Barker Storey Matthews, 9th July 2018 by Berrys chartered surveyors, 9th September 2019 by Akermans chartered surveyors and 6th May 2020 by Robinson and Hall LLP. The directors have assessed the properties against current market conditions and are confident that the valuations do not require any change as at 31 May 2024.

14. STOCKS

Group
31.5.24 31.5.23
£    £   
Stocks 70,000 65,000

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

15. DEBTORS

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,914,172 3,836,184 5,734 3,109
Other debtors 20,692 24,440 20,595 11,450
Directors' loan accounts 79,855 40,717 79,855 40,717
Tax 26,951 13,742 26,951 13,742
VAT 270,760 308,954 - -
Prepayments and accrued income 13,540 82,559 - 644
3,325,970 4,306,596 133,135 69,662

Amounts falling due after more than one year:
Trade debtors 133,694 193,159 - -

Aggregate amounts 3,459,664 4,499,755 133,135 69,662

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 143,915 63,488 57,366 63,488
Hire purchase contracts (see note 19) 261,075 207,802 - -
Trade creditors 1,757,609 1,828,320 9,070 -
Amounts owed to group undertakings - - 1,836,588 1,457,301
Tax 286,942 268,792 17,001 21,470
Social security and other taxes 82,785 68,635 - -
VAT - - 3,423 2,846
Other creditors 466,947 338,143 131,967 132,632
Directors' loan accounts - 9,629 - 9,629
Accrued expenses 330,879 431,772 8,119 6,826
3,330,152 3,216,581 2,063,534 1,694,192

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

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

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Bank loans (see note 18) 765,554 797,182 765,554 797,182
Hire purchase contracts (see note 19) 437,565 537,752 - -
Other creditors 2,126,517 2,570,763 2,126,517 2,570,763
3,329,636 3,905,697 2,892,071 3,367,945

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 86,549 - - -
Bank loans 57,366 63,488 57,366 63,488
143,915 63,488 57,366 63,488
Amounts falling due between one and two years:
Bank loans - 1-2 years 128,232 797,182 128,232 797,182
Amounts falling due between two and five years:
Bank loans - 2-5 years 637,322 - 637,322 -

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.5.24 31.5.23
£    £   
Gross obligations repayable:
Within one year 295,747 240,823
Between one and five years 477,665 579,374
773,412 820,197

Finance charges repayable:
Within one year 34,672 33,021
Between one and five years 40,100 41,622
74,772 74,643

Net obligations repayable:
Within one year 261,075 207,802
Between one and five years 437,565 537,752
698,640 745,554

20. SECURED DEBTS

The following secured debts are included within creditors:

Company
31.5.24 31.5.23
£    £   
Bank loans 822,920 860,670

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

21. PROVISIONS FOR LIABILITIES

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Deferred tax 242,353 261,706 63,917 63,917

Other provisions 30,000 - - -

Aggregate amounts 272,353 261,706 63,917 63,917

Group
Deferred
tax
£   
Balance at 1 June 2023 261,706
Movement in the year (19,353 )
Balance at 31 May 2024 242,353

Company
Deferred
tax
£   
Balance at 1 June 2023 63,917
Movement in the year
Balance at 31 May 2024 63,917

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100

TDH WHEELER LIMITED (REGISTERED NUMBER: 11266974)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

23. RESERVES

Group
Retained
earnings
£   

At 1 June 2023 1,978,667
Profit for the year 729,509
Dividends (288,000 )
At 31 May 2024 2,420,176


24. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 153,925 (2023 - £ 38,691 ) was paid.