BWA (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Company registration number SC404782 (Scotland)
BWA (HOLDINGS) LIMITED
COMPANY INFORMATION
Director
Mr Martin Welsh
Company number
SC404782
Registered office
3 Riverside Way
Irvine
Ayrshire
KA11 5DJ
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Business address
3 Riverside Way
Riverside Business Park
Irvine
Ayrshire
KA11 5DJ
Solicitors
BTO Solicitors LLP
48 St Vincent Street
Glasgow
G2 6HS
BWA (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 17
BWA (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The director presents the strategic report for the year ended 30 June 2024.
Review of the business
Having celebrated Booth Welsh Automation’s 35th anniversary during this financial year, it has been a good time for the board to reinforce the traditions and principles that have contributed to our longevity and continued success. This has been one of the most successful years in our history, delivering strong revenue growth and margin improvement, allowing us to continue to invest for the long-term.
We are particularly pleased to have sustained our health and safety performance, recording our 18th successive year without a lost-time accident whilst delivering a workload of over 8.5m man hours in that time. Our commitment to quality across our business continues with the addition of the ISO 27001 accreditation during the year.
We are fast approaching the second anniversary of our Management Buy Out from the Clough Group, having now addressed all of the systems and financial legacy which impacted prior years’ performance. Our owner-managed structure now ensures long-term stability and an environment that encourages and rewards excellence for all of our people.
Post year-end, the Board has simplified the group structure by bringing all staff and operations under the Booth Welsh umbrella. This has enabled the alignment of systems, processes and quality procedures across all service lines, further enhancing our ability to provide multi-disciplinary engineering solutions whilst also ensuring consistency in service delivery to all clients. As part of this process, we have reviewed the holding value of investments in subsidiary companies, resulting in a write-down of investment assets of £351,499.
Principal risks and uncertainties
Booth Welsh Automation has always faced a constant challenge to evolve its technical capabilities and service offerings in a dynamic operating environment. As the rate of change continues to accelerate, fueled by local, national and international issues ranging including the geopolitical landscape, societal change and the emergence of innovation and new technologies, we constantly endeavour to stay ahead of these developments to remain a relevant, cost-effective and value-added partner for all stakeholders.
Artificial Intelligence has moved from being an interesting opportunity to a mainstream technology that has application to address the highest priority engineering challenges in most industry sectors. Booth Welsh has begun to incorporate AI technology and tools into our service lines and are helping clients to implement new processes and practices that improve yield and quality whilst also reducing costs and risk. We have also recognized that these factors place different demands on our staff and we have responded by expanding our talent base though targeted recruitment and training – for the first time ever, over 50% of our workforce are under 25, including a growing proportion with graduate or higher qualifications in a widening range of disciplines including software and gaming.
We recognize the impact that the modern day workplace has on our people and we continue to support our staff and contractor base to thrive in this environment. Flexible and remote working arrangements are now standard practice which we supplement through a diverse array of initiatives including exercise, and mindfulness sessions, providing education and support on mental and physical health issue and many other aspects of pastoral care.
Booth Welsh takes its social responsibilities seriously, with Environment, Diversity and Inclusion being key pillars of our business. In the last 12 months, we have invested and changed processes to reduce our carbon footprint and our impact on the environment generally and have undertaken a series of initiatives that have made a positive impact on the communities in which we operate. We remain committed to deliver exacting Net Zero commitments as part of the Net Zero Accelerator programme.
BWA (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Development and performance
Having previously announced our strategic partnership with the University of Strathclyde through the establishment of Scotland’s first Digital Process Manufacturing Centre within our property at Irvine, we are pleased to report the centre was officially opened in early 2025. DPMC will showcase new and emerging digital technologies that will continue to revolutionise manufacturing on a global scale.
As we announced in our 2023 accounts, we have now integrated all operations and staff from our iTech subsidiary within Booth Welsh Automation. This has enabled the streamlining of operations, enhancing the automation services we continue to provide to a broad range of business sectors across the UK.
Key performance indicators
Booth Welsh Automation and its board constantly seek to make marginal gains and improvements in every aspect of our business, sharing the benefits this approach delivers with our staff, customers, suppliers and other key stakeholders through enhanced service levels, improved health & safety performance, compliance with exacting quality and environmental standards, an inclusive business culture, technological advancement and innovative profit and risk-sharing business models. We manage performance across the business using a comprehensive suite of OKRs to ensure we deliver on each of the company’s key objectives: People; Planet; Place; Product; Profit. Performance against all targets are satisfactory and show continuing improvement as we drive business performance and implement succession strategies to ensure long-term business health.
Mr Martin Welsh
Director
5 March 2025
BWA (HOLDINGS) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The director presents his annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of a holding company. The company did not trade during the year.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr Martin Welsh
Auditor
In accordance with the company's articles, a resolution proposing that William Duncan + Co (Audit) Ltd be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Martin Welsh
Director
5 March 2025
BWA (HOLDINGS) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BWA (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BWA (HOLDINGS) LIMITED
- 5 -
Opinion
We have audited the financial statements of BWA (Holdings) Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
BWA (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BWA (HOLDINGS) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;
Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BWA (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BWA (HOLDINGS) LIMITED
- 7 -
This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.
Mr Neil Reid FCCA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd
6 March 2025
Accountants
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
BWA (HOLDINGS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Administrative expenses
650
(3,300)
Interest receivable and similar income
5
578,300
Amounts written off investments
6
(351,499)
(1,145,000)
Loss before taxation
(350,849)
(570,000)
Tax on loss
7
Loss for the financial year
(350,849)
(570,000)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BWA (HOLDINGS) LIMITED
BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
9
3,513,159
3,864,658
Current assets
-
-
Creditors: amounts falling due within one year
12
(650)
Net current liabilities
(650)
Net assets
3,513,159
3,864,008
Capital and reserves
Called up share capital
13
203,474
203,474
Share premium account
2,236,704
2,236,704
Profit and loss reserves
1,072,981
1,423,830
Total equity
3,513,159
3,864,008
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 5 March 2025
Mr Martin Welsh
Director
Company registration number SC404782 (Scotland)
BWA (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
203,474
2,236,704
1,993,830
4,434,008
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
(570,000)
(570,000)
Balance at 30 June 2023
203,474
2,236,704
1,423,830
3,864,008
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(350,849)
(350,849)
Balance at 30 June 2024
203,474
2,236,704
1,072,981
3,513,159
BWA (HOLDINGS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
15
(3,300)
Investing activities
Purchase of associates
(575,000)
Dividends received
578,300
Net cash (used in)/generated from investing activities
-
3,300
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
BWA (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information
BWA (Holdings) Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Riverside Way, Irvine, Ayrshire, KA11 5DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
BWA (Holdings) Limited is a wholly owned subsidiary of BWA Nexus Limited, and the results of BWA (Holdings) Limited are included in the consolidated financial statements of the ultimate parent undertaking Booth Welsh Nexus Ltd which are publicly available.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BWA (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
BWA (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
1
1
5
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
578,300
6
Amounts written off investments
2024
2023
£
£
Other gains and losses
(351,499)
(1,145,000)
7
Taxation
BWA (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Taxation
(Continued)
- 15 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(350,849)
(570,000)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(87,712)
(142,500)
Tax effect of expenses that are not deductible in determining taxable profit
87,875
287,038
Tax effect of income not taxable in determining taxable profit
(163)
(144,575)
Unutilised tax losses carried forward
37
Taxation charge for the year
-
-
8
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Investments in subsidiaries
9
351,499
570,000
Investments in associates
9
-
575,000
Recognised in:
Amounts written off investments
351,499
1,145,000
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
9
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
10
3,513,159
3,864,658
BWA (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Fixed asset investments
(Continued)
- 16 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
3,864,658
Valuation changes
(351,499)
At 30 June 2024
3,513,159
Carrying amount
At 30 June 2024
3,513,159
At 30 June 2023
3,864,658
10
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Booth Welsh Automation Limited
England and Wales
Ordinary shares
100.00
-
ITech (Troon) Ltd.
Scotland
Ordinary shares
100.00
-
ITech (Scotland) Ltd.
Scotland
Ordinary shares
0
100.00
11
Associates
Details of the company's associates at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Tegco Limited
England and Wales
Ordinary A Shares
30.00
12
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
650
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
156,104
156,104
156,104
156,104
Ordinary B shares of £1 each
47,370
47,370
47,370
47,370
203,474
203,474
203,474
203,474
BWA (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Share capital
(Continued)
- 17 -
14
Ultimate controlling party
The immediate parent company is BWA Nexus Limited, a company incorporated in Scotland. The ultimate parent company is Booth Welsh Nexus Limited, also incorporated in Scotland.
15
Cash absorbed by operations
2024
2023
£
£
Loss for the year after tax
(350,849)
(570,000)
Adjustments for:
Investment income
(578,300)
Other gains and losses
351,499
1,145,000
Movements in working capital:
Decrease in creditors
(650)
Cash absorbed by operations
-
(3,300)
16
Analysis of changes in net funds
1 July 2023
30 June 2024
£
£
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