Company registration number 06717844 (England and Wales)
WESTCLIFFE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
WESTCLIFFE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Robert Wilson
Ray Eyre
Company number
06717844
Registered office
50 Mowbray Drive
Blackpool
Lancs
FY3 7UN
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Business address
50 Mowbray Drive
Blackpool
Lancs
FY3 7UN
Bankers
Barclays Bank Plc
2-4 Birley Street
Blackpool
Lancashire
FY1 1DU
WESTCLIFFE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
WESTCLIFFE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Review of the business

Financial review

The company is pleased to report a strong set of financial results for the year ending 30 September 2024. The company has increased its turnover by 39% to £31.5m which is mainly due to several larger contracts in the financial year. Gross profit has increased by 0.6% to 9.5% with net profits increasing to 2.1% up 0.6% resulting in a net profit before taxation of £652,464.

 

Our strategy on targeting partnered work and a collaborative approach has yet again delivered in terms of increased turnover, profit and quality of work. The company continues to be very selective in what competitively tendered opportunities it bids mitigating risks of unprofitable contracts.

 

Marketplace

The company has targeted and achieved several key framework and tender successes throughout 2024. Ones of note include Westmorland & Furness Council framework and Daresbury Laboratory framework.

 

These two new framework wins adds to an already impressive list of over 20 construction frameworks across multiple sectors and geographical areas.

 

Employees

Training and development of our employees continues to be at the core of the business. We continue to provide updated project management training across the business as well as continuing support to our site staff in their NVQ level 6 and 7construction qualifications. We believe passionately that employees are what makes our business what it is and that our clients will benefit from this investment in terms of the management, collaborative delivery, and quality of the construction projects.

 

We have also rolled out critical training to all employees on modern slavery, equality & diversity and mental health awareness.

 

Our commitment to training has seen us exceed the industry average of 4.9 training days per employee per year. For 2024, our average training days per employee is 8 days.

 

New mental health and wellbeing initiatives are continuously implemented and reviewed by a dedicated working group to ensure employees receive the support they need. The company has several internal mental health first aiders as well as external resources that employees can call upon as and when required.

 

Health & Safety

The health and safety of employees, supply chain and clients remain a high priority for the company with one of the main KPI targets being zero accidents on any of our construction sites or offices.

 

Throughout 2024 we have maintained our strong health & safety record by continually monitoring, reviewing and improving our management processes to focus on preventative measures and sound working practices. Specifically, continued health and safety training and development of employees and supply chain in using the latest technology to collect and analyse data trends, are key mitigating factors in reaching our target of zero accidents.

 

Accreditations

The company has successfully passed its annual audit of its critical UKAS standards for Quality ISO9001, Environment ISO140001, and Health & Safety ISO45001. These UKAS British Standard accreditations, audited by our partners ISOQAR, provide assurance and confidence to our client base that Parkinson’s processes, procedures, product quality and service are of a high standard and that the company has processes and procedures in place to continuously improve and innovate.

The company has maintained its accreditation to Cyber Essentials in 2024. This certification is required by many Government and public bodies and gives confidence that Parkinson has robust IT security, protection and controls regarding sensitive data and protection of key systems. Cyber threats have increased in the last 2 years, and we aim to provide the highest protection against cyber-attacks.
WESTCLIFFE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
In April 2024, the company maintained its Investors in People (IIP) Gold (2015) accreditation. The IIP overall audit score was well above the industry average with continuous improvement and the health and wellbeing of our employees being two key factors highlighted as a strength of the business.
Awards
The company was awarded SME of the year at last year's National Construction Awards held in London. To win a national award is recognition of all the hard work, commitment and effort contributed by all our employees and partners.
Key performance indicators

The company measures its operational performance using 9 KPI’s that are reviewed annually through external and internal feedback. The latest set of results shows 6 KPI’s increasing, 2 remaining at a high level and 1 slightly decreasing. The company aims to increase these indicators year on year through continuous improvement and lessons learnt contract reviews.

 

Social Value

Our vision is to be a leading regional contractor recognised for our outstanding achievements in social value, in line with our ability to deliver quality construction projects. Our strategy focuses on improving outcomes across four pillars of social impact which include, our people, our environment, our community and our marketplace.

 

We continue with many social value activities including, apprentice recruitment and training, volunteering, supply chain events, donations and work experience days.

 

Charity

In 2024 we continued to be a financial supporter of our chosen charity, The Lighthouse Club Construction Charity. The Lighthouse Club is the only charity that provides emotional, physical, and financial wellbeing support to construction workers and their families. They receive no public funding and rely on the generosity of those within the industry to help them continue their vital work.

 

Sustainability

Carbon reduction targets remain important to the company and reducing our impact on the environment. The company is aiming to achieve net zero emissions by 2030. Various initiatives have been developed to support the Government’s UK Climate Change Act 2008, and Construction 2025 Strategy. The company have implemented a range of initiatives over the past 12 months to reduce our carbon footprint.

 

In 2023, for the first time, we measured our carbon emissions figure which stood at 420.89 tCO2e for our 2022 baseline year. We are pleased to announce that our 2024 figures have shown a huge carbon reduction down to 287.88 tCO2e. This is a reduction of over 30% in one year. Therefore, noting that initial carbon reduction measures will have generated a large abnormal impact, it remains our intention to maintain or 5% annual carbon reduction, further reducing our emissions to 233.94 tCO2e by 2027, providing a reduction in emissions of 44%

 

WESTCLIFFE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

Please see the table below detailing our carbon emission data for 2024 split down by the 3 main categories of measurement.

 

Reporting Year: 2024

EMISSIONS

TOTAL (tCO2e)

Scope 1

191.63

Scope 2

13.52

Scope 3

(Included Sources)

  1. Business travel

  2. Employee commuting

  3. Waste generated in operations

  4. Fuel and energy related activities (not included in scope 1 or 2)

  5. Downstream transportation and distribution (0) Total: 82.73

Total Emissions

287.88

Principle risks and uncertainties
Macro-economic factors including increased costs to business through increased Employers National Insurance contributions and forecast low economic growth are real and present risks to the business going forward.
However, public spending across all Government departments should increase over the next 4 years and as such Parkinsons is in a great position to win future work through our numerous construction frameworks. The company will need to adapt and remain agile to respond to challenges in the construction sector.
Future developments
The Board of Directors will continue to seek profitable work within the construction sector across all the three regions in the north of England. The company will look to target both local and national construction frameworks for clients such as Government Departments, Local Councils, the NHS and other public bodies.  Partnering with our key clients and supply chain will be our preferred procurement method.
The company's 2025 forecast shows a strong order book with secured work currently at a high level of £26m which amounts to around 20 secured construction contracts.

On behalf of the board

Ray Eyre
Director
27 February 2025
WESTCLIFFE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £456,877. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Robert Wilson
Ray Eyre
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, Director's Report 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 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 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 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 auditor of the company 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 auditor of the company is aware of that information.

WESTCLIFFE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
On behalf of the board
Ray Eyre
Director
27 February 2025
WESTCLIFFE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WESTCLIFFE HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Westcliffe Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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:

WESTCLIFFE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WESTCLIFFE HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 directors are responsible for assessing 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 parent company or to cease operations, or have 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Companies Act 2006, Health and Safety at Work Act and Employment Law.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

WESTCLIFFE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WESTCLIFFE HOLDINGS LIMITED
- 8 -

Owing 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, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, 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 non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

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.

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Hesketh (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
27 February 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
WESTCLIFFE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
31,516,049
22,639,166
Cost of sales
(28,539,029)
(20,636,383)
Gross profit
2,977,020
2,002,783
Administrative expenses
(2,381,372)
(1,393,755)
Other operating income
30,000
29,000
Operating profit
4
625,648
638,028
Interest receivable and similar income
8
77,047
37,811
Interest payable and similar expenses
9
(50,330)
(55,631)
Profit before taxation
652,365
620,208
Tax on profit
10
(171,029)
(97,961)
Profit for the financial year
481,336
522,247
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WESTCLIFFE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Fixed assets
Tangible assets
12
1,544,024
1,571,516
Current assets
Debtors
15
6,096,253
5,239,803
Cash at bank and in hand
4,104,867
3,628,527
10,201,120
8,868,330
Creditors: amounts falling due within one year
16
(10,640,082)
(9,020,614)
Net current liabilities
(438,962)
(152,284)
Total assets less current liabilities
1,105,062
1,419,232
Creditors: amounts falling due after more than one year
17
(209,988)
(538,997)
Provisions for liabilities
Deferred tax liability
20
235,784
245,404
(235,784)
(245,404)
Net assets
659,290
634,831
Capital and reserves
Called up share capital
22
60,000
60,000
Share premium account
250,000
250,000
Revaluation reserve
191,965
194,996
Capital redemption reserve
40,000
40,000
Profit and loss reserves
117,325
89,835
Total equity
659,290
634,831
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
27 February 2025
Ray Eyre
Director
Company registration number 06717844 (England and Wales)
WESTCLIFFE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
1,050,000
1,050,000
Current assets
Cash at bank and in hand
35
35
Creditors: amounts falling due within one year
16
(45)
(45)
Net current liabilities
(10)
(10)
Net assets
1,049,990
1,049,990
Capital and reserves
Called up share capital
22
60,000
60,000
Share premium account
250,000
250,000
Capital redemption reserve
40,000
40,000
Profit and loss reserves
699,990
699,990
Total equity
1,049,990
1,049,990

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £456,877 (2023 - £512,787 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
27 February 2025
Ray Eyre
Director
Company registration number 06717844 (England and Wales)
WESTCLIFFE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2022
60,000
250,000
194,996
40,000
(201,627)
343,369
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
-
522,247
522,247
Dividends
11
-
-
-
-
(230,785)
(230,785)
Balance at 30 September 2023
60,000
250,000
194,996
40,000
89,835
634,831
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
-
481,336
481,336
Dividends
11
-
-
-
-
(456,877)
(456,877)
Transfers
-
-
(3,031)
-
3,031
-
Balance at 30 September 2024
60,000
250,000
191,965
40,000
117,325
659,290
WESTCLIFFE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
60,000
250,000
40,000
417,988
767,988
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
512,787
512,787
Dividends
11
-
-
-
(230,785)
(230,785)
Balance at 30 September 2023
60,000
250,000
40,000
699,990
1,049,990
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
456,877
456,877
Dividends
11
-
-
-
(456,877)
(456,877)
Balance at 30 September 2024
60,000
250,000
40,000
699,990
1,049,990
WESTCLIFFE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,453,638
2,062,512
Interest paid
(50,330)
(55,631)
Income taxes (paid)/refunded
(126,120)
74,001
Net cash inflow from operating activities
1,277,188
2,080,882
Investing activities
Purchase of tangible fixed assets
(288,819)
(200,230)
Proceeds from disposal of tangible fixed assets
25,179
19,613
Interest received
77,047
37,811
Net cash used in investing activities
(186,593)
(142,806)
Financing activities
Repayment of bank loans
(189,843)
(170,134)
Payment of finance leases obligations
32,465
3,532
Dividends paid to equity shareholders
(456,877)
(230,785)
Net cash used in financing activities
(614,255)
(397,387)
Net increase in cash and cash equivalents
476,340
1,540,689
Cash and cash equivalents at beginning of year
3,628,527
2,087,838
Cash and cash equivalents at end of year
4,104,867
3,628,527
WESTCLIFFE HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
-
0
(282,002)
Investing activities
Repayment of loans
-
0
282,002
Dividends received
456,877
230,785
Net cash generated from investing activities
456,877
512,787
Financing activities
Dividends paid to equity shareholders
(456,877)
(230,785)
Net cash used in financing activities
(456,877)
(230,785)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
35
35
Cash and cash equivalents at end of year
35
35
WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

Westcliffe Holdings Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is 50 Mowbray Drive, Blackpool, Lancs, FY3 7UU.

 

The group consists of Westcliffe Holdings Limited and all of its subsidiaries.

 

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. Freehold land and buildings are measured using the revaluation method at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Westcliffe Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Revenue 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 revenue 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.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% straight line
Leasehold improvements
Over term of lease
Fixtures, fittings & equipment
10% straight line
Computer equipment
25% reducing balance
Motor vehicles
25% / 33% / 40% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -

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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
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.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group 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 group after deducting all of its liabilities.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred taxation is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised for tax purposes.

 

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

 

Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amounts owed by contract customers

Revenue and costs are recognised by reference to the estimated stage of completion at the reporting end date. Losses will be recognised if it is estimated that it is probable that the total contract costs will exceed total contract turnover. Where there is objective evidence that the amounts due will not be collected, a provision for impairment will need to be estimated.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Contract income
31,516,049
22,639,166
2024
2023
£
£
Other revenue
Interest income
77,047
37,811
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
136,515
67,977
Depreciation of tangible fixed assets held under finance leases
166,570
151,775
Profit on disposal of tangible fixed assets
(11,953)
(19,613)
Operating lease charges
61,024
52,650
WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
24,905
18,451
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Direct
50
50
-
-
Admin
20
19
-
-
Total
70
69
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,459,947
2,537,146
-
0
-
0
Social security costs
393,369
271,570
-
-
Pension costs
423,972
183,169
-
0
-
0
4,277,288
2,991,885
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
153,208
80,947
Company pension contributions to defined contribution schemes
138,800
46,400
292,008
127,347

There are 4 directors within the group of companies in the pension scheme.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
77,047
37,811
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
77,047
37,811
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
50,330
55,631
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
180,649
126,120
Adjustments in respect of prior periods
-
0
(29,920)
Total current tax
180,649
96,200
Deferred tax
Origination and reversal of timing differences
(9,620)
1,761
Total tax charge
171,029
97,961

From 1 April 2023, the corporation tax rate changed; companies with chargeable taxable profits below £50,000 will continue to pay corporation tax at a rate of 19% and companies with chargeable taxable profits of £250,000 or more will pay corporation tax at a rate of 25%.

 

The taxable profits have therefore been apportioned such that 6 months have been taxed at a rate of 19%, and 6 months have been taxed at the current rate of 25% based on the number of days pre-1 April 2023.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
652,365
620,208
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
163,091
136,446
Tax effect of expenses that are not deductible in determining taxable profit
7,938
64,487
Tax effect of income not taxable in determining taxable profit
-
0
(62,041)
Tax effect of utilisation of tax losses not previously recognised
-
0
(9,634)
Permanent capital allowances in excess of depreciation
-
0
(1,377)
Research and development tax credit
-
0
(29,920)
Taxation charge
171,029
97,961
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
456,877
230,785
WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
12
Tangible fixed assets
Group
Land and buildings Freehold
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2023
1,030,000
50,508
139,345
725,413
890,424
2,835,690
Additions
-
0
10,094
358
37,445
240,922
288,819
Disposals
-
0
-
0
-
0
-
0
(251,434)
(251,434)
At 30 September 2024
1,030,000
60,602
139,703
762,858
879,912
2,873,075
Depreciation and impairment
At 1 October 2023
12,360
12,192
89,958
638,794
510,870
1,264,174
Depreciation charged in the year
16,481
32,306
11,711
54,361
188,226
303,085
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(238,208)
(238,208)
At 30 September 2024
28,841
44,498
101,669
693,155
460,888
1,329,051
Carrying amount
At 30 September 2024
1,001,159
16,104
38,034
69,703
419,024
1,544,024
At 30 September 2023
1,017,640
38,316
49,387
86,619
379,554
1,571,516
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
418,948
367,941
-
0
-
0

Land and buildings with a carrying amount of £1,030,000 were revalued at June 2021 by Duxburys Commercial independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

The directors have used their knowledge of the market to begin depreciating the building at a rate of 2%.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £632,171 (2023: £645,621) being cost £672,522 and depreciation £40,351 (2023: £26,901).

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,050,000
1,050,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
1,050,000
Carrying amount
At 30 September 2024
1,050,000
At 30 September 2023
1,050,000
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
F Parkinson Limited
England & Wales
Ordinary
-
100.00
Mowbray Holdings Limited
England & Wales
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,687,791
4,531,297
-
0
-
0
Gross amounts owed by contract customers
1,329,414
639,137
-
0
-
0
Prepayments and accrued income
79,048
69,369
-
0
-
0
6,096,253
5,239,803
-
-
WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
224,532
144,824
-
0
-
0
Obligations under finance leases
19
186,703
94,780
-
0
-
0
Trade creditors
1,875,637
1,683,746
-
0
-
0
Corporation tax payable
180,649
126,120
-
0
-
0
Other taxation and social security
1,439,665
893,268
-
-
Other creditors
10
10
10
10
Accruals and deferred income
6,732,886
6,077,866
35
35
10,640,082
9,020,614
45
45

Bank loans of ££94,824 are secured by a legal charge over freehold property.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
269,551
-
0
-
0
Obligations under finance leases
19
209,988
269,446
-
0
-
0
209,988
538,997
-
-

Bank loans of £232,051 are secured by a legal charge over freehold property.

18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
224,532
414,375
-
0
-
0
Payable within one year
224,532
144,824
-
0
-
0
Payable after one year
-
0
269,551
-
0
-
0
WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
186,703
94,780
-
0
-
0
In two to five years
209,988
269,446
-
0
-
0
396,691
364,226
-
-

Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
170,785
180,405
Revaluations
64,999
64,999
235,784
245,404
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
245,404
-
Credit to profit or loss
(9,620)
-
Liability at 30 September 2024
235,784
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
423,972
183,169
WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
21
Retirement benefit schemes
(Continued)
- 30 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
60,000
60,000
60,000
60,000
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
144,865
86,444
-
-
Between two and five years
130,971
134,107
-
-
275,836
220,551
-
-

At the reporting end date the total future minimum sublease payments expected to be received under non-cancellable subleases was £72,632 (2023: £104,298).

24
Directors' transactions

Dividends totalling £456,877 (2023 - £230,785) were paid in the year in respect of shares held by the company's directors.

25
Controlling party

There is no one party with ultimate control.

There is no overall controlling party.

WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
481,336
522,247
Adjustments for:
Taxation charged
171,029
97,961
Finance costs
50,330
55,631
Investment income
(77,047)
(37,811)
Gain on disposal of tangible fixed assets
(11,953)
(19,613)
Depreciation and impairment of tangible fixed assets
303,085
219,732
Movements in working capital:
Increase in debtors
(856,450)
(225,848)
Increase in creditors
1,393,308
1,450,213
Cash generated from operations
1,453,638
2,062,512
27
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
456,877
512,787
Adjustments for:
Investment income
(456,877)
(230,785)
Other gains and losses
-
(282,002)
Movements in working capital:
Decrease in creditors
-
(282,002)
Cash absorbed by operations
-
(282,002)
28
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
3,628,527
476,340
4,104,867
Borrowings excluding overdrafts
(414,375)
189,843
(224,532)
Obligations under finance leases
(364,226)
(32,465)
(396,691)
2,849,926
633,718
3,483,644
WESTCLIFFE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
29
Analysis of changes in net funds - company
1 October 2023
30 September 2024
£
£
Cash at bank and in hand
35
35
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Robert WilsonRay 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