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REGISTERED NUMBER: 04630461 (England and Wales)
















WILTECH ENGINEERING LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


WILTECH ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: D I Wilkins
J Kennard
M Jordan





SECRETARY: N Wilkins





REGISTERED OFFICE: 2 Lakeview Stables
Lower St. Clere
Kemsing
Sevenoaks
Kent
TN15 6NL





REGISTERED NUMBER: 04630461 (England and Wales)





AUDITORS: Lakeview Southern Audit Limited
Chartered Accountants and
Statutory Auditors
2 Lakeview Stables
Lower St. Clere
Kemsing
Sevenoaks
Kent
TN15 6NL

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The company continued it's principal activity throughout the current year in design, manufacture and installation of structural steelwork and architectural metalwork.

As reported in the audited accounts, the annual turnover was £13,085,497 which is a slight decrease of 8% from the 2022/23 figure of £14,220,002 and yielded a gross profit of £3,285,891.

High-cost inflation and interest rates have caused economic stagnation in the last few years which has provided challenges to the Construction Industry in the UK. This combined with legislative changes to the planning regulations and environmental factors has emanated in a general slow-down in the residential property sector. As a result, many property developers have delayed projects with some entire schemes being deferred. The effects of this were felt on large multi-phase sites where scheduled work was procured slower lengthening the 'order book to sales ledger' timescale.

Considering the wider industry pressures, the directors are pleased to report that the business was able to consolidate it's position following the recovery in 2023.

The housing sector is expected to continue to recover in 2025 with house prices and volumes increasing with the government targeting 1.5 million new homes in this term. House prices have begun to increase once again with a growth in 2024 of 4.7% and a further increase of 4% predicted for 2025. Falling Interest rates are expected to lead further recovery, and it is apparent that house builders are rapidly speeding up and bringing projects forward.

The company covers a wide variety of work types and is constantly expanding product knowledge so this year we have been identifying which work we should target to maximise our output. With these markers now firmly pinpointed, we aim to focus on sustained growth maximising the value of our incredible customer portfolio and the brighter economic outlook as outlined above.


WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Economic and Workload Uncertainties

We recognise the main uncertainties and risks to our forward workload and profit margins is dictated by the general economic situation with increasing prices.

Financial Risk Management

The directors continually assess all potential risks to the business. This includes monitoring the short and longer term outlook for the residential construction sector as well as changes to regulations and wider economic factors that may impact the supply chain.

Our key customers all provide invaluable insight in to housing sector performance and regular updates of upcoming projects.

Continually improving our cost analysis procedures helps us to monitor contract profitability and provides vital data to assist with future tendering and identifying which project types and customers provide optimum productivity and profitability.

Long term relationships with key suppliers provides us with forecasted information about any potential supply chain issues. Fluctuations is material costs are monitored continuously, and any information is used to adjust tender prices and assess fixed price terms.

The company undertakes residential construction projects which often span more than one accounting period. The profit on these contracts is allocated over the period of the contract with financial shortfalls highlighted as soon as they become apparent. This process requires the company to estimate future profits on contracts which is monitored by way of quarterly job costing assessments.

The overall financial performance is closely monitored with cash flow managed closely and strict credit control procedures in place.


Other Risks

At the present time, the directors consider the principal risk to the company to be in relation to cyber-attacks and are aware that there is an inherent risk in this area which is difficult to mitigate fully. However, the company continues to invest in protective technology and maintains a strong ethos of monitoring and awareness within departments which could be susceptible to such attacks.

ON BEHALF OF THE BOARD:





J Kennard - Director


12 March 2025

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity throughout the current year is structural steelwork and architectural metalwork design, manufacture and installation.

DIVIDENDS
Interim dividends of £561,968 per share were paid in the year to 30 September 2024. The directors recommend that no final dividend be paid.

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

D I Wilkins
J Kennard
M Jordan

DONATIONS
Donations were made in the year totalling £5,018.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Lakeview Southern Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Kennard - Director


12 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILTECH ENGINEERING LIMITED


Opinion
We have audited the financial statements of Wiltech Engineering Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILTECH ENGINEERING LIMITED


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

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

We considered the central laws and regulations to the entity and identified those being of significance. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance.

Through discussion and, where appropriate, written representation we obtained an understanding of the entity's policies and procedures in relation to fraud risks, including knowledge of any actual, suspected or alleged fraud.

The Senior Statutory Auditor has assessed that the engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations within the areas that they are responsible for testing.

Where necessary, documentation scrutiny was used to determine the significance of any instances with non-compliance of central laws and regulations and reviewed disclosures made in the financial statements to ensure these were appropriately made. We also reviewed the journals processed by the finance team and reviewed all transactions outside the normal course of the entity's business.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Irregularities that result from fraud are inherently more difficult to detect from irregularities that result from error.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILTECH ENGINEERING LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Angela Dadson (Senior Statutory Auditor)
for and on behalf of Lakeview Southern Audit Limited
Chartered Accountants and
Statutory Auditors
2 Lakeview Stables
Lower St. Clere
Kemsing
Sevenoaks
Kent
TN15 6NL

17 March 2025

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 4 13,085,497 14,220,002

Cost of sales 9,799,606 10,409,288
GROSS PROFIT 3,285,891 3,810,714

Administrative expenses 2,238,645 1,973,919
1,047,246 1,836,795

Other operating income 32,000 27,500
OPERATING PROFIT 7 1,079,246 1,864,295

Interest receivable and similar income 3,329 4,963
1,082,575 1,869,258

Interest payable and similar expenses 9 166,193 50,859
PROFIT BEFORE TAXATION 916,382 1,818,399

Tax on profit 10 97,953 408,300
PROFIT FOR THE FINANCIAL YEAR 818,429 1,410,099

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 818,429 1,410,099


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

818,429

1,410,099

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 819,207 791,170

CURRENT ASSETS
Stocks 13 68,649 31,359
Debtors 14 4,461,801 5,051,255
Cash at bank 262,877 137,723
4,793,327 5,220,337
CREDITORS
Amounts falling due within one year 15 1,932,539 2,511,823
NET CURRENT ASSETS 2,860,788 2,708,514
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,679,995

3,499,684

CREDITORS
Amounts falling due after more than one
year

16

(449,538

)

(536,214

)

PROVISIONS FOR LIABILITIES 21 (23,857 ) (13,331 )
NET ASSETS 3,206,600 2,950,139

CAPITAL AND RESERVES
Called up share capital 22 1 1
Retained earnings 23 3,206,599 2,950,138
SHAREHOLDERS' FUNDS 3,206,600 2,950,139

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





D I Wilkins - Director


WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 1 2,350,496 2,350,497

Changes in equity
Dividends - (810,457 ) (810,457 )
Total comprehensive income - 1,410,099 1,410,099
Balance at 30 September 2023 1 2,950,138 2,950,139

Changes in equity
Dividends - (561,968 ) (561,968 )
Total comprehensive income - 818,429 818,429
Balance at 30 September 2024 1 3,206,599 3,206,600

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,332,399 1,100,742
Interest paid (160,026 ) (48,450 )
Interest element of hire purchase payments
paid

(6,167

)

(2,409

)
Taxation paid (404,713 ) -
Taxation refund 140,106 52,572
Net cash from operating activities 901,599 1,102,455

Cash flows from investing activities
Purchase of tangible fixed assets (72,602 ) (68,304 )
Interest received 3,329 4,963
Net cash from investing activities (69,273 ) (63,341 )

Cash flows from financing activities
New loans in year 285,000 -
Loan repayments in year (475,916 ) (319,030 )
New Hire purchase loans in year 66,570 65,494
Hire Purchase repayments in year (20,858 ) (6,712 )
Amount introduced by directors - 500,037
Equity dividends paid (561,968 ) (810,457 )
Net cash from financing activities (707,172 ) (570,668 )

Increase in cash and cash equivalents 125,154 468,446
Cash and cash equivalents at beginning of
year

2

137,723

(330,723

)

Cash and cash equivalents at end of year 2 262,877 137,723

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

30.9.24 30.9.23
£    £   
Profit before taxation 916,382 1,818,399
Depreciation charges 44,565 31,451
Finance costs 166,193 50,859
Finance income (3,329 ) (4,963 )
1,123,811 1,895,746
(Increase)/decrease in stocks (37,290 ) 7,811
Decrease/(increase) in trade and other debtors 589,453 (861,152 )
(Decrease)/increase in trade and other creditors (343,575 ) 58,337
Cash generated from operations 1,332,399 1,100,742

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 262,877 137,723
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 137,723 -
Bank overdrafts - (330,723 )
137,723 (330,723 )


WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 137,723 125,154 262,877
137,723 125,154 262,877
Debt
Finance leases (58,783 ) (45,711 ) (104,494 )
Debts falling due within 1 year (341,554 ) 75,166 (266,388 )
Debts falling due after 1 year (490,026 ) 115,750 (374,276 )
(890,363 ) 145,205 (745,158 )
Total (752,640 ) 270,359 (482,281 )

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Wiltech Engineering 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 Company Information page.

The company principal place if business is Kingsnorth Industrial Estate, Hoo, Rochester ME3 9ND.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents net invoiced sales of steel fabrication and welding, excluding value added tax. This is mostly in the form of long term contracts see further information within Amounts Recoverable on Contracts Policy.

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
Improvements to property - 5% on cost
Plant and machinery - 20% on reducing balance
Fixtures & fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. For freehold property, only the buildings element of the property is depreciated. Land is held at cost.

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

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classified as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is expensed in the year in which it is incurred.

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

Amounts recoverable on contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

The profit on these contracts is allocated over the period of the contract with financial shortfalls highlighted as soon as they become apparent. This process requires the company to estimate future profits on contracts. Whilst these are estimates they are calculated by experienced project managers and verified by the directors within the business. There are clear processes and procedures in place to ensure that from the start to project completion, the project margin is constantly monitored and reviewed.

The directors assess the stage of part completed works by reference to the amount of work still to be done and attributing a percentage to use against sales value and ensuring costs are included to the same point.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. These are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Share based payments
The company recognises share-based payment transactions in accordance with applicable accounting standards.

Equity-settled Share-based Payments: The fair value of equity instruments granted is recognised as an expense over the vesting period, with a corresponding increase in equity.

Cash-settled Share-based Payments: The fair value of the liability incurred is recognised as an expense over the vesting period, with adjustments for changes in fair value.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The company is involved in construction projects which span more than one accounting period. The profit on these contracts is allocated over the period of the contract with financial shortfalls highlighted as soon as they become apparent. This process requires the company to estimate future profits on contracts. Whilst these are estimates, they are calculated by our experienced contact managers and verified by directors within the business. These are clear processes and procedures in place to ensure that from the very start of the tendering process to project completion, the project margin is constantly monitored and reviewed.

4. TURNOVER

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

An analysis of turnover by geographical market is given below:

30.9.24 30.9.23
£    £   
United Kingdom 13,085,497 14,220,002
13,085,497 14,220,002

5. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 2,713,990 2,495,407
Social security costs 313,424 288,956
Other pension costs 54,092 49,297
3,081,506 2,833,660

The average number of employees during the year was as follows:
30.9.24 30.9.23

Direct 37 36
Admin 11 11
48 47

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


6. DIRECTORS' EMOLUMENTS
30.9.24 30.9.23
£    £   
Directors' remuneration 474,417 414,485

Information regarding the highest paid director is as follows:
30.9.24 30.9.23
£    £   
Emoluments etc 250,000 235,833

Directors' pension costs totalled £7,600 (2023: £7,600).

The director's are considered to be the only key management personnel.

7. OPERATING PROFIT

The operating profit is stated after charging:

30.9.24 30.9.23
£    £   
Other operating leases 139,507 127,478
Depreciation - owned assets 44,565 31,451

8. AUDITORS' REMUNERATION
30.9.24 30.9.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

8,868

8,000
Other non-audit services 10,600 10,813

9. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank loan interest 160,026 48,450
Hire purchase interest 6,167 2,409
166,193 50,859

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 87,427 404,641

Deferred tax 10,526 3,659
Tax on profit 97,953 408,300

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


10. TAXATION - continued

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

30.9.24 30.9.23
£    £   
Profit before tax 916,382 1,818,399
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

229,096

454,600

Effects of:
Expenses not deductible for tax purposes 7,179 6,924
Capital allowances in excess of depreciation and net of deferred tax movement
1,784

1,783
Research and development enhanced deduction (140,106 ) -
Effect of changes in corporation tax rates - (55,007 )
Total tax charge 97,953 408,300

11. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary share of £1
Interim 561,968 810,457

12. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 735,000 68,125 57,293
Additions - - -
At 30 September 2024 735,000 68,125 57,293
DEPRECIATION
At 1 October 2023 35,665 42,861 52,544
Charge for year 7,133 3,406 950
At 30 September 2024 42,798 46,267 53,494
NET BOOK VALUE
At 30 September 2024 692,202 21,858 3,799
At 30 September 2023 699,335 25,264 4,749

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. TANGIBLE FIXED ASSETS - continued

Fixtures Motor Office
& fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 13,411 68,304 11,971 954,104
Additions - 72,602 - 72,602
At 30 September 2024 13,411 140,906 11,971 1,026,706
DEPRECIATION
At 1 October 2023 6,965 17,076 7,823 162,934
Charge for year 1,289 30,957 830 44,565
At 30 September 2024 8,254 48,033 8,653 207,499
NET BOOK VALUE
At 30 September 2024 5,157 92,873 3,318 819,207
At 30 September 2023 6,446 51,228 4,148 791,170

13. STOCKS
30.9.24 30.9.23
£    £   
Stocks 68,649 31,359

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Amounts recoverable on contract 4,319,397 4,881,587
Other debtors 500 -
Directors' current accounts 3,107 3,107
VAT 97,279 132,668
Prepayments 41,518 33,893
4,461,801 5,051,255

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts (see note 17) 266,388 341,554
Hire purchase contracts (see note 18) 29,232 12,595
Trade creditors 950,267 1,439,165
Tax 227,461 404,641
Social security and other taxes 54,590 102,217
Other creditors 3,906 70,527
Directors' current accounts 3,753 3,753
Accruals and deferred income 396,942 137,371
1,932,539 2,511,823

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans (see note 17) 374,276 490,026
Hire purchase contracts (see note 18) 75,262 46,188
449,538 536,214

17. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 266,388 341,554

Amounts falling due between one and two years:
Bank loans 2-5 years 309,194 444,805

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 65,082 45,221

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 29,232 12,595
Between one and five years 75,262 46,188
104,494 58,783

Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 192,614 195,911
Between one and five years 554,535 214,503
In more than five years 519,882 57,330
1,267,031 467,744

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


18. LEASING AGREEMENTS - continued

The total lease costs recognised as expenses during the year were £245,289: £94,228 rent, £113,241 motor and machinery leases, £37,820 office equipment lease.

19. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 640,664 831,580
Hire purchase contracts 104,494 58,783
745,158 890,363

Some of the National Westminster bank loans and the overdraft are secured by a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

The hire purchase commitments are secured on the assets to which they relate.

20. FINANCIAL INSTRUMENTS

The company has basic financial debt instruments which are all measured at cost. These include trade debtors, other debtors, cash and bank in hand and trade creditors.

21. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 23,857 13,331

Deferred
tax
£   
Balance at 1 October 2023 13,331
Provided during year 10,526
Balance at 30 September 2024 23,857

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1 Ordinary £1 1 1

The one ordinary share has full voting rights, rights to dividends and rights on winding up.

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


23. RESERVES
Retained
earnings
£   

At 1 October 2023 2,950,138
Profit for the year 818,429
Dividends (561,968 )
At 30 September 2024 3,206,599

The retained earnings are the cumulative profit and loss net of distributions to the shareholders.

24. PENSION COMMITMENTS

The company makes contributions to a defined contribution pension scheme. During the period contributions of £54,092 (2023: £50,288) were paid. The contributions due are those specified under the legal requirements of auto-enrolment. The cost of these contributions are charged to the statement of comprehensive income on an accruals basis as they become payable under the scheme.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
D I Wilkins
Balance outstanding at start of year - 496,284
Amounts repaid - (496,284 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

J Kennard
Balance outstanding at start of year 3,107 3,107
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,107 3,107

Interest was charged on any amounts owed by D Wilkins at 2% per annum.

The amount owed by J Kennard is repayable on demand by the company.

26. RELATED PARTY DISCLOSURES

During the year the company had sales of £Nil (2023: £3,900) and purchases of £5,600 (2023: £101,905) with Skyline Engineering Ltd, an entity in which D Wilkins, a director, has an interest.

27. ULTIMATE CONTROLLING PARTY

The company was under the control of D Wilkins, a director, throughout the year.

WILTECH ENGINEERING LIMITED (REGISTERED NUMBER: 04630461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


28. SHARE OPTIONS

The company has unexpired share options at the start and at the end of the accounting period. There has not been any change to the options granted in this accounting period. Mr J Kennard, a director, has unexpired share options granted on 8 of August 2012. The share capital would be increased upon exercise of the option such that Mr J Kennard can purchase up to a maximum 10% of the company for a sum agreed upon certain conditions being met. The option can only be exercised whilst Mr J Kennard remains an employee of the company.