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 |
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: |
Registered office: |
Registered number: |
Auditors: |
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: |
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. |
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: |
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. |
for and on behalf of |
1st Floor Waterside House |
Waterside Drive |
Wigan |
Lancashire |
WN3 5AZ |
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 |
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 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
Freehold property | - |
Short leasehold | - |
Assets on hire | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 | 8,024,373 |
Impairments | ( |
) | (36,083 | ) |
At 31 May 2024 | 7,988,290 |
NET BOOK VALUE |
At 31 May 2024 | 7,988,290 |
At 31 May 2023 | 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 |
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 |
Amounts owed by associates | 454,600 | 179,872 |
Other debtors | 871,944 | 462,113 |
Directors' loan accounts | 219,088 | 269,721 | 219,088 | 269,721 |
VAT | - | 60,167 |
Prepayments | 1,095,481 | 741,606 |
6,727,037 | 5,897,940 |
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 |
Amounts owed to group undertakings | - | - |
Tax | 458,732 | 833,502 |
Social security and other taxes | 389,459 | 246,699 |
VAT | 84,600 | - | 84,600 | - |
Other creditors | 1,414,567 | 2,174,214 |
Accrued expenses | 243,051 | 131,633 |
4,576,630 | 5,570,175 |
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 |
411,257 | 1,177,826 |
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 |
Provided during year |
Balance at 31 May 2024 |
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 |
£ | £ |
Ordinary | £1 | 76 | 76 |
Deferred | £1 | 3 | 3 |
Ordinary B | £1 | 10 | 10 |
Ordinary C | £1 | 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 |
Profit for the year |
Dividends | ( |
) |
At 31 May 2024 |
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 |