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REGISTERED NUMBER: 04669537 (England and Wales)













Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 May 2024

for

WOODLEY EQUIPMENT COMPANY LIMITED

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)






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 5

Consolidated Statement of Income and Retained
Earnings

8

Consolidated Statement of Financial Position 9

Company Statement of Financial Position 10

Consolidated Statement of Cash Flows 11

Notes to the Consolidated Statement of Cash Flows 12

Notes to the Consolidated Financial Statements 13


WOODLEY EQUIPMENT COMPANY LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2024







Directors: Mr D McComas
Mrs C E Page
Mr R M Wickham
Mr M Wickham
Mr E J Wickham
Ms S Wyeth





Registered office: Old Station Park Buildings
St. John Street
Horwich
Bolton
BL6 7NY





Registered number: 04669537 (England and Wales)





Auditors: NRB
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

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.

Woodley Equipment Company is divided into 5 division's operating in different markets predominantly in veterinary and trial solutions within the United Kingdom and Internationally.

Review of business

Key performance figures relating to Woodley Equipment Company for the financial year were as follows:

Turnover - £19,905,330
Gross profit - £10,351,426

Woodley Equipment Company Limited turnover has shown strong growth, with an increase of 9.14%. Gross profit has shown a small decrease of 0.92%.

Below are separate strategies and future plans for each division detailing the reason for growth and increased performance.

The directors are actively seeking cost saving opportunities where possible.

Average number of employees for the group have increased from 120 in 2023 to 128 in 2024. Woodley Equipment Company has increased the number of personnel in 2024, from 83 in 2023 to a total of 92.

Woodley Equipment Company Limited successfully transitioned to Sage 200 accounting system in the prior financial year. Management are continuing to implement new reporting, improve its inventory management process and over all accounting function allowing directors to have more overside and control.

1. Laboratory Diagnostics
The smallest division with a portfolio mainly centred around Drucker Diagnostics for whom we have been European distributors for 18 years.

Business remains constant through a distribution network and plans to increase the portfolio will not be realised for 1-2 years owing to focus on the other 4 divisions.

We continue to expand the range offered to our Distribution network. It can take several years or more to bring a new analyser to the market and we continue to invest in both Chemistry and Haematology systems.

2. Quantum Veterinary Diagnostics
A specialist supplier of 'wet chemistry' solutions to the UK Veterinary market through a field-based Sales team and technical team. The key areas for the division are:

- Analyser systems constantly evolving to the needs of the market and scientific advancement.
- Analysers are OEM versions unique to the market and with bespoke application written by Woodley.
- Quantum's future growth will be achieved via our existing supply network and continued development of general In-Practise 'wet chemistry' systems

3. UK veterinary Diagnostics
A complete supplier of In-Practise laboratory diagnostic equipment for use at the Point of Care

The key areas of the division are:

- Exclusive agreement and the development of Woodley branded systems including IT integration tools has enabled this division to grow steadily as a trusted brand in the UK veterinary industry.
- Continued evaluation of new products, many with OEM branding, has enabled Woodley to be a well-known and trusted brand within the veterinary industry.
- Long term Exclusive Distribution agreements with key suppliers enables Woodley to focus on strong sales with security of distribution.
- A strategy to sign 5-year rental agreements for full laboratory packages will provide long term secure customer base.

4. Woodley Veterinary Diagnostics
Our International Veterinary Division with a growing distributor network of approx. 60 distributers who carry the full or part portfolio of Woodley products. The key areas of the division is:

- Continued development of existing and new products which are relevant and current to Veterinary medicine is key to our continued success.
- Fully utilise our existing Distribution network with strong support via service training, technical support and close contact to establish current and future needs.
- Explore expansion and Distribution opportunities into the Asia Pacific region.

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Group Strategic Report
FOR THE YEAR ENDED 31 MAY 2024


5. Woodley Trial Solutions
Under the strategic direction of Robin Wickham, Woodley Trial Solutions provides support solutions to the Life Sciences industry. Services and Equipment are delivered predominantly for use in Clinical Trials. Our key aims are:

- Grow the team in key areas to provide a higher level of service.
- Design and build a new ERP system to be the central hub from which all future products and service will flow.
- Complete a redesign of all our processes to aid in the creation of the new ERP system.
- Develop a larger service offering more aligned to the industry and our growth and profit targets.

Key performance indicators
The groups main key performance indicators are as follows:

Sales Growth
Overall sales have increased from £23,029,515 in 2023 to £27,539,413 in 2024 which is an increase of 19.58%.
Overall management are happy that this has been achieved in the current financial year and they are confident that this KPI will be met with strong revenue growth in 2025.

Gross Profit Percentage
Overall gross profit percentage has decreased from 52.27% in 2023 to 44.65% in 2024 which is an decrease of 7.62%.

Management are confident that with increased focus on cost savings and projected growth in revenue that the group will see increased gross profit margin for 2025 along with utilising synergies with the newly acquired subsidiary to increase group cost savings.

On behalf of the board:





Mr M Wickham - Director


26 February 2025

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

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.

Principal activity
The principal activity of the group in the year under review was that of supplying veterinary and medical diagnostic equipment.

Dividends
The total distribution of dividends for the year ended 31 May 2024 will be £216,325.

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

Mr D McComas
Mrs C E Page
Mr R M Wickham
Mr M Wickham
Mr E J Wickham
Ms S Wyeth

Disclosure in the strategic report
The disclosures in respect of the business review, future developments and financial risk management, objectives and policies are included in the Group Strategic Report. The principal activities of the group companies are also disclosed in the Group Strategic Report.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, NRB, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr M Wickham - Director


26 February 2025

Report of the Independent Auditors to the Members of
Woodley Equipment Company Limited

Qualified opinion
We have audited the financial statements of Woodley Equipment Company 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 Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the companies affairs as at 31 May 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 Ace 2006.


Basis for qualified 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. Turnover comprises income from assets on both long-term and short-term hire. Although measures have been put in place during the year for long-term hires which have commenced during the year, we are unable to quantify the opening position as historically there were no systems of control over the assets generating income on which we could rely and no satisfactory audit procedures we could adopt to determine the value of these assets brought forward.

The measures put in place during the year for short-term hire, we have not been able to rely on this information and no satisfactory audit procedures could be adopted to determine the value of these assets.

Consequently, we have been unable to quantify the potential impact on fixed assets, depreciation, cost of sales, income cut-off and taxation.

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 Auditor's 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 FRC's Ethical Standards, 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 qualified 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.

Report of the Independent Auditors to the Members of
Woodley Equipment Company Limited


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.

As highlighted in the auditor's report we encountered issues in respect of assets on both short- and long-term hire which resulted in the audit opinion being qualified. These issues impacted on fixed assets, cost of sales and income cut off.

As such these issues are likely to extend to the key performance indicators as outlined in financial statements, specifically turnover, gross profit and gross profit margin.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statement are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirement.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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 directors' report.

Arising solely from the limitation on the scope of our work relating to fixed assets, depreciation, cost of sales, income cut-off and taxation, referred to above:
- we have not obtained all the information and explanations that we consider necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- 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.

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.

Report of the Independent Auditors to the Members of
Woodley Equipment Company 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:

- Consideration was given to the entity's susceptibility to material misstatement at all times during the audit including
consideration of how fraud could occur. This involved consideration of the nature of the entity's activities and
transactions with the potential identification of fraud

- Identification of key laws and regulations considered central to the entity, including a review of any policies and
procedures in place to ensure compliance. Key laws and regulations identified include the UK Companies Act, tax
legislation and health and safety regulations

- Ensured that the engagement team had the necessary competence and capabilities to identify any examples of
non-compliance at all stages

- Audit work was completed in all relevant areas that were deemed to be appropriate for the client and the associated risks in respect of potential misstatements, including fraud. Our audit work was designed to assess these risks in all areas and included enquiry of management, testing the appropriateness of journal entries, reviewing financial statement disclosures and tracing to relevant documentation as well as the consideration of the risk of potential management override.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material
misstatements in the financial statements, even though we have properly planned and performed our audit in
accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of
irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and 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.

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.




Neil Whittingham BA FCA ATT (Senior Statutory Auditor)
for and on behalf of NRB
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

26 February 2025

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Consolidated
Statement of Income and
Retained Earnings
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
as restated
Notes £    £    £    £   

TURNOVER 4 27,539,413 23,029,515

Cost of sales 15,244,241 10,992,504
GROSS PROFIT 12,295,172 12,037,011

Distribution costs 1,384,328 1,474,477
Administrative expenses 8,270,808 7,550,241
9,655,136 9,024,718
OPERATING PROFIT 6 2,640,036 3,012,293

Interest receivable and similar income 9,251 6,106
2,649,287 3,018,399

Interest payable and similar expenses 7 36,656 3,704
PROFIT BEFORE TAXATION 2,612,631 3,014,695

Tax on profit 8 805,405 607,044
PROFIT FOR THE FINANCIAL YEAR 1,807,226 2,407,651

Retained earnings at beginning of year 9,592,786 7,342,958

Dividends 10 (216,325 ) (157,823 )

RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

11,183,687

9,592,786

Profit attributable to:
Owners of the parent 1,807,226 2,407,651

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Consolidated Statement of Financial Position
31 MAY 2024

31.5.24 31.5.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 4,450,172 4,950,771
Tangible assets 13 1,134,144 961,072
Investments 14 39 36,122
5,584,355 5,947,965

CURRENT ASSETS
Stocks 15 2,599,271 3,087,308
Debtors 16 6,727,037 5,897,940
Cash at bank 1,336,963 1,428,839
10,663,271 10,414,087
CREDITORS
Amounts falling due within one year 17 4,576,630 5,570,175
NET CURRENT ASSETS 6,086,641 4,843,912
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,670,996

10,791,877

CREDITORS
Amounts falling due after more than one
year

18

(411,257

)

(1,177,826

)

PROVISIONS FOR LIABILITIES 22 (75,949 ) (21,162 )
NET ASSETS 11,183,790 9,592,889

CAPITAL AND RESERVES
Called up share capital 23 103 103
Retained earnings 24 11,183,687 9,592,786
SHAREHOLDERS' FUNDS 11,183,790 9,592,889

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





Mr M Wickham - Director


WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Company Statement of Financial Position
31 MAY 2024

31.5.24 31.5.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 203,456 203,456
Tangible assets 13 322,161 147,653
Investments 14 7,988,290 8,024,373
8,513,907 8,375,482

CURRENT ASSETS
Stocks 15 2,087,488 2,483,329
Debtors 16 5,483,732 4,827,907
Cash at bank 867,645 938,873
8,438,865 8,250,109
CREDITORS
Amounts falling due within one year 17 6,037,896 6,517,381
NET CURRENT ASSETS 2,400,969 1,732,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,914,876

10,108,210

CREDITORS
Amounts falling due after more than one
year

18

-

(750,000

)

PROVISIONS FOR LIABILITIES 22 (61,949 ) (15,162 )
NET ASSETS 10,852,927 9,343,048

CAPITAL AND RESERVES
Called up share capital 23 103 103
Retained earnings 24 10,852,824 9,342,945
SHAREHOLDERS' FUNDS 10,852,927 9,343,048

Company's profit for the financial year 1,726,204 2,157,810

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





Mr M Wickham - Director


WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,532,262 4,281,777
Interest paid (36,656 ) (3,704 )
Tax paid (1,125,388 ) (1,193,396 )
Net cash from operating activities 370,218 3,084,677

Cash flows from investing activities
Purchase of intangible fixed assets - (203,456 )
Purchase of tangible fixed assets (283,978 ) (138,677 )
Purchase of fixed asset investments - (479,300 )
Sale of tangible fixed assets - 1,495
Purchase of subsidiary undertaking - (3,838,931 )
Interest received 9,251 6,106
Net cash from investing activities (274,727 ) (4,652,763 )

Cash flows from financing activities
Capital repayments in year (21,675 ) (121,589 )
Amount introduced by directors 71,816 -
Amount withdrawn by directors (21,183 ) 21,422
Equity dividends paid (216,325 ) (157,823 )
Net cash from financing activities (187,367 ) (257,990 )

Decrease in cash and cash equivalents (91,876 ) (1,826,076 )
Cash and cash equivalents at beginning
of year

2

1,428,839

3,254,915

Cash and cash equivalents at end of year 2 1,336,963 1,428,839

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 MAY 2024

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

31.5.24 31.5.23
as restated
£    £   
Profit before taxation 2,612,631 3,014,695
Depreciation charges 606,891 279,112
Loss on disposal of fixed assets 4,614 4,357
Impairment on investment 36,083 443,178
Finance costs 36,656 3,704
Finance income (9,251 ) (6,106 )
3,287,624 3,738,940
Decrease in stocks 488,037 75,461
Increase in trade and other debtors (879,730 ) (560,211 )
(Decrease)/increase in trade and other creditors (1,363,669 ) 1,027,587
Cash generated from operations 1,532,262 4,281,777

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 1,336,963 1,428,839
Year ended 31 May 2023
31.5.23 1.6.22
as restated
£    £   
Cash and cash equivalents 1,428,839 3,254,915


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank 1,428,839 (91,876 ) 1,336,963
1,428,839 (91,876 ) 1,336,963
Debt
Debts falling due within 1 year (30,094 ) 5,106 (24,988 )
Debts falling due after 1 year (427,826 ) 16,569 (411,257 )
(457,920 ) 21,675 (436,245 )
Total 970,919 (70,201 ) 900,718

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historic cost convention, modified to include certain items at fair value.

The group financial statements consolidate the financial statements of Woodley Equipment Company Limited and it's subsidiary undertaking J.A.K Marketing Limited for the full accounting period to 31 May 2024. Comparative figures are consolidated from the date of acquisition 14 November 2022 through to the accounting period end date of 31 May 2023.

In preparing it's individual financial statements, which are presented alongside the consolidated financial statements, Woodley Equipment Company Limited has taken advantage of the disclosure exemptions available in respect of financial instruments, presentation of cash flow statement and remuneration of key management personnel.

Going Concern

After reviewing the group's forecast and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Basis of consolidation
The results of subsidiary acquired or sold are consolidated from or to the date on which control passes. On consolidation, all intra-group transactions and balances are eliminated in full.

Business combinations are accounted for using the purchase method. The consideration in respect of the business combination is measured at the aggregate of the fair value of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the subsidiary undertaking.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions. As set out in the accounting policy note for stock, provisions are included within the stock figure. This is a key area of judgement and has a significant effect on the financial statements. The calculation of the provision requires the management team to use their experience and expertise.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and i shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

3. ACCOUNTING POLICIES - continued

Goodwill
Goodwill relates to the amount arising on the consolidation of subsidiary undertakings and is measured by calculating the excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired. The goodwill is capitalised and written off over it's estimated useful economic life, which is 10 years. Provision is made for any impairment.

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.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual value over their useful lives on the following bases;

Computer Software - 10 years straight line
Website - 15% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost of buildings only
Short leasehold - 2% on cost
Assets on hire - at varying rates on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance and 15% on cost
Motor vehicles - 25% on reducing balance and 25% straight line
Computer equipment - 25% on reducing balance

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

At each reporting date an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

3. ACCOUNTING POLICIES - continued

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.5.24 31.5.23
as restated
£    £   
United Kingdom 19,441,773 15,112,223
Europe 3,191,658 2,723,869
Rest of the world 4,905,982 5,193,423
27,539,413 23,029,515

5. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
as restated
£    £   
Wages and salaries 4,070,552 3,157,309
Social security costs 420,783 368,612
Other pension costs 697,178 216,761
5,188,513 3,742,682

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

Veterinary 23 18
Clinical 34 27
Quantum 22 19
Admin 30 37
Works 19 19
128 120

31.5.24 31.5.23
as restated
£    £   
Directors' remuneration 205,038 303,368

Information regarding the highest paid director is as follows:
31.5.24 31.5.23
as restated
£    £   
Emoluments etc 57,579 63,262

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

6. OPERATING PROFIT

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

31.5.24 31.5.23
as restated
£    £   
Other operating leases 352,653 261,461
Depreciation - owned assets 106,292 28,753
Loss on disposal of fixed assets 4,614 4,357
Goodwill amortisation 499,207 249,603
Development costs amortisation 1,392 756
Auditors' remuneration 20,000 20,000
Foreign exchange differences 8,346 (145,961 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
as restated
£    £   
Bank loan interest 36,656 3,704

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
as restated
£    £   
Current tax:
UK corporation tax 750,618 635,380

Deferred tax 54,787 (28,336 )
Tax on profit 805,405 607,044

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.24 31.5.23
as restated
£    £   
Profit before tax 2,612,631 3,014,695
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

653,158

753,674

Effects of:
Expenses not deductible for tax purposes 135,393 184,061
Capital allowances in excess of depreciation (39,087 ) (1,325 )
Utilisation of tax losses - (11,612 )
Other adjustments - (12,294 )
Change in tax rates - (161,340 )
Share scheme relief - (144,120 )
Deferred tax 54,787 -
Loss on disposal of assets 1,154 -
Total tax charge 805,405 607,044

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

10. DIVIDENDS
31.5.24 31.5.23
as restated
£    £   
Ordinary shares of £1 each
Interim 1,000 -
Ordinary B shares of £1 each
Interim 134,833 86,298
Ordinary C shares of £1 each
Interim 20,000 -
Ordinary D shares of £1 each
Interim 10,000 10,000
Ordinary E shares of £1 each
Interim 50,492 61,525
216,325 157,823

11. PRIOR YEAR ADJUSTMENT

During the year, the directors performed a review of cost allocations in the subsidiary business and have opted to recognise a prior year restatement to reclassify costs in relation to carriage, import duties and packaging previously classified in administrative expenses to cost of sales.

The prior year restatement has reduced gross profit by £408,515 for the financial period ended 30 May 2023. The impact on profit for the financial period ended 30 May 2023 was £Nil.

The prior period restatement does not give rise to any effect upon equity.

12. INTANGIBLE FIXED ASSETS

Group
Development Computer
Goodwill costs software Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 5,070,967 5,607 203,456 5,280,030
AMORTISATION
At 1 June 2023 328,503 756 - 329,259
Amortisation for year 499,207 1,392 - 500,599
At 31 May 2024 827,710 2,148 - 829,858
NET BOOK VALUE
At 31 May 2024 4,243,257 3,459 203,456 4,450,172
At 31 May 2023 4,742,464 4,851 203,456 4,950,771

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

12. INTANGIBLE FIXED ASSETS - continued

Company
Computer
Goodwill software Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 78,900 203,456 282,356
AMORTISATION
At 1 June 2023
and 31 May 2024 78,900 - 78,900
NET BOOK VALUE
At 31 May 2024 - 203,456 203,456
At 31 May 2023 - 203,456 203,456

13. TANGIBLE FIXED ASSETS

Group
Freehold Short Assets on Plant and
property leasehold hire machinery
£    £    £    £   
COST
At 1 June 2023 723,047 24,041 - 79,315
Additions - - 231,582 -
Disposals - - - (10,800 )
At 31 May 2024 723,047 24,041 231,582 68,515
DEPRECIATION
At 1 June 2023 4,060 2,405 - 49,442
Charge for year 7,378 440 32,654 5,451
Eliminated on disposal - - - (6,186 )
At 31 May 2024 11,438 2,845 32,654 48,707
NET BOOK VALUE
At 31 May 2024 711,609 21,196 198,928 19,808
At 31 May 2023 718,987 21,636 - 29,873

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

13. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 114,269 124,788 20,858 1,086,318
Additions 52,396 - - 283,978
Disposals - - - (10,800 )
At 31 May 2024 166,665 124,788 20,858 1,359,496
DEPRECIATION
At 1 June 2023 17,058 40,043 12,238 125,246
Charge for year 36,329 18,835 5,205 106,292
Eliminated on disposal - - - (6,186 )
At 31 May 2024 53,387 58,878 17,443 225,352
NET BOOK VALUE
At 31 May 2024 113,278 65,910 3,415 1,134,144
At 31 May 2023 97,211 84,745 8,620 961,072

Company
Short Assets on Plant and
leasehold hire machinery
£    £    £   
COST
At 1 June 2023 24,041 - 79,315
Additions - 231,582 -
Disposals - - (10,800 )
At 31 May 2024 24,041 231,582 68,515
DEPRECIATION
At 1 June 2023 2,405 - 49,442
Charge for year 440 32,654 5,451
Eliminated on disposal - - (6,186 )
At 31 May 2024 2,845 32,654 48,707
NET BOOK VALUE
At 31 May 2024 21,196 198,928 19,808
At 31 May 2023 21,636 - 29,873

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

13. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 21,944 124,788 20,858 270,946
Additions 11,406 - - 242,988
Disposals - - - (10,800 )
At 31 May 2024 33,350 124,788 20,858 503,134
DEPRECIATION
At 1 June 2023 19,165 40,043 12,238 123,293
Charge for year 1,281 18,835 5,205 63,866
Eliminated on disposal - - - (6,186 )
At 31 May 2024 20,446 58,878 17,443 180,973
NET BOOK VALUE
At 31 May 2024 12,904 65,910 3,415 322,161
At 31 May 2023 2,779 84,745 8,620 147,653

14. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 June 2023 36,122
Impairments (36,083 )
At 31 May 2024 39
NET BOOK VALUE
At 31 May 2024 39
At 31 May 2023 36,122
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 June 2023 7,988,251 36,122 8,024,373
Impairments - (36,083 ) (36,083 )
At 31 May 2024 7,988,251 39 7,988,290
NET BOOK VALUE
At 31 May 2024 7,988,251 39 7,988,290
At 31 May 2023 7,988,251 36,122 8,024,373

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

14. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

J.A.K Marketing Limited
Registered office: Purfect House, 11-21 Dale Road, Sheriff Hutton, York, YO60 6RZ
Nature of business: Production and supply of veterinary products.
%
Class of shares: holding
Ordinary A, B & C 100.00

This company is a wholly owned subsidiary of Woodley Equipment Company Limited.


15. STOCKS

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
as restated as restated
£    £    £    £   
Finished goods 2,599,271 3,087,308 2,087,488 2,483,329

Included within the above stock balance is an impairment at the year end of £241,331 (2023 £434,341).

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
as restated as restated
£    £    £    £   
Trade debtors 4,085,924 4,184,461 3,033,093 3,204,316
Amounts owed by associates 454,600 179,872 454,600 179,872
Other debtors 871,944 462,113 681,470 372,225
Directors' loan accounts 219,088 269,721 219,088 269,721
VAT - 60,167 - 60,167
Prepayments 1,095,481 741,606 1,095,481 741,606
6,727,037 5,897,940 5,483,732 4,827,907

Amounts owed to group undertakings are unsecured and repayable on demand.

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 19) 24,988 30,094 - -
Trade creditors 1,961,233 2,154,033 1,240,736 1,330,581
Amounts owed to group undertakings - - 2,683,108 2,163,108
Tax 458,732 833,502 458,732 833,704
Social security and other taxes 389,459 246,699 70,696 76,150
VAT 84,600 - 84,600 -
Other creditors 1,414,567 2,174,214 1,256,973 1,982,205
Accrued expenses 243,051 131,633 243,051 131,633
4,576,630 5,570,175 6,037,896 6,517,381

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

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

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
as restated as restated
£    £    £    £   
Bank loans (see note 19) 411,257 427,826 - -
Other creditors - 750,000 - 750,000
411,257 1,177,826 - 750,000

19. LOANS

An analysis of the maturity of loans is given below:

Group
31.5.24 31.5.23
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 24,988 30,094
Amounts falling due between one and two years:
Bank loans - 1-2 years 411,257 427,826

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £16,329 (2023 - £4,831).

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.5.24 31.5.23
as restated
£    £   
Bank loans 436,245 457,920

Bank loans of £436,245 (2023 - £457,920) are secured against the assets to which they relate.

22. PROVISIONS FOR LIABILITIES

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
as restated as restated
£    £    £    £   
Deferred tax 75,949 21,162 61,949 15,162

Group
Deferred
tax
£   
Balance at 1 June 2023 21,162
Provided during year 54,787
Balance at 31 May 2024 75,949

WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

22. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 June 2023 15,162
Provided during year 46,787
Balance at 31 May 2024 61,949

Deferred tax relates entirely to accelerated capital allowances.

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: as restated
£    £   
76 Ordinary £1 76 76
3 Deferred £1 3 3
10 Ordinary B £1 10 10
5 Ordinary C £1 5 5
5 Ordinary D £1 5 5
4 Ordinary E £1 4 4
103 103

All shares rank equally and have full rights.

24. RESERVES

Group
Retained
earnings
£   

At 1 June 2023 9,592,786
Profit for the year 1,807,226
Dividends (216,325 )
At 31 May 2024 11,183,687

Company
Retained
earnings
£   

At 1 June 2023 9,342,945
Profit for the year 1,726,204
Dividends (216,325 )
At 31 May 2024 10,852,824


WOODLEY EQUIPMENT COMPANY LIMITED (REGISTERED NUMBER: 04669537)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

25. RELATED PARTY DISCLOSURES

For details of key management personnel remuneration see note 5.

Woodley Equipment Company Inc. - A company controlled by the ultimate controlling party

2024 2023
£ £
Management charge from Woodley Inc. 265,573 697,001
Amount due from related party 454,600 179,872

The balance due from Woodley Equipment Company Inc. is unsecured and is repayable on demand. No interest has been charged on the balance.

M Wickham - Key management personnel

2024 2023
£ £
Rent charged to the company 119,256 70,725
Amount due from related party 219,088 269,721