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Registered Number:01075189













WATSON & HILLHOUSE LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024










 
WATSON & HILLHOUSE LIMITED
 
 
COMPANY INFORMATION


Directors
R H G Watson 
M R Watson 
P E Bell 
P J King 




Company secretary
P J King



Registered number
01075189



Registered office
51 Whitehouse Road

Ipswich

Suffolk

IP1 5NT




Independent auditors
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
HSBC
12 Tavern Street

Ipswich

Suffolk

IP1 3AZ




Solicitors
Birketts LLP
Providence House

141-145 Princes St

Ipswich

Suffolk

IP1 1QJ





 
WATSON & HILLHOUSE LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 10
Profit and Loss Account
11
Balance Sheet
12
Statement of Changes in Equity
13
Statement of Cash Flows
14 - 15
Analysis of Net Debt
16
Notes to the Financial Statements
17 - 31

 
WATSON & HILLHOUSE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The Directors present their strategic report for the year ended 30 November 2024.

Business review
 
We are pleased to present the accounts for the financial year ending November 2024, which have again returned very strong trading results.
Although the trading environment has continued to present a number of challenges, in particular slow economic growth and increased cost of living, the Company has continued to see strong turnover and operating profit.  In particular, Own Hire Revenue and Agency Sales have seen increases to the prior year, with a notable reduction in Third Party Hire revenue, where increases to our own fleet has unsurprisingly resulted in a reduced need for rehired plant. 
The Company continues to review the plant and equipment requirements and has made further investments during the year, with the value of this being circa £1.0m.  The strategy of continued investment will continue, with a number of capital items committed to during 2025.   
The financial position at the year end was considered satisfactory by the Directors of the Company to enter its operations for the following year.

Financial key performance indicators
 
The Company considers its financial key performance indicators to be growth in turnover, gross profit margin and EBITDA.
Turnover has decreased by 4.8% in the year (2023 – increase of 33.5%), with this being predominantly attributable to a reduction in re-hire revenue. 
Gross profit margin has increased to 38.9% (2023 – 38.4%) resulting in gross profit of £5,072,106 (2023 - £5,266,813).  
The Company reports an EBITDA of £3,019,651 (2023 - £3,253,128).


- 1 -


 
WATSON & HILLHOUSE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Principal risks and uncertainties
 
The key risks to the Company include, but are not limited to, compliance with legislative and regulatory requirements, business continuity and actions of customers, suppliers and competitors.
Financial instruments:
The Company’s principal financial instruments are trade debtors and trade creditors arising directly from operations.  The Company ensures that there is sufficient liquid resources to meet its liabilities and trade debtors are managed through regular review to ensure the cash flow risk is reduced to an acceptable level.  Some of our key suppliers that we represent are based outside of the UK and we mitigate any exchange risk by using forward exchange arrangements provided by our banking partners.
Liquidity and cash flow risk:
The Company’s proactive strategy of investment is supported by our strong cash position and the banking facilities that we have in place.  We manage this by monitoring cash daily and preparing detailed cash flow forecasts so that any potential funding requirements are identified at an early stage.  
Supply and price risk:
The suppliers we represent are well established with strong brands who also trade globally, some of which we have worked with for over forty years.  Given the strength of the suppliers we work with and our position in the UK market, as a leading provider of piling and foundation equipment, we are well placed to manage any trading risk.
Credit Risk
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers, with credit insurance arrangements also in place.  All credit levels and amounts outstanding are reviewed regularly.


This report was approved by the board on 14 March 2025 and signed on its behalf.



P J King
Director

- 2 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The Directors present their report and the financial statements for the year ended 30 November 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,532,953 (2023 - £1,705,775).

Dividends amounting to £1,091,008 (2023 - £206,008) were paid in the year. The Directors do not recommend the payment of a final dividend (2023 - £Nil). 

Directors

The Directors who served during the year were:

R H G Watson 
M R Watson 
P E Bell 
P J King 


- 3 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Future developments

Although economic growth in the UK over the coming year is predicted to be slow, investment in major infrastructure projects is expected to continue.  Therefore, we are forecasting trading to maintain similar levels as seen for the year ending November 2024, both in terms of Hire and Agency Sale income, with the order book reflecting this.
Furthermore, the portfolio of equipment offered by some of the brands we represent continues to grow, which is allowing us to engage with a wider customer base across the construction sector.
The Company will continue the strategy to invest in the hire fleet, which includes the opportunity for more environmentally friendly items of plant.  The Company has made capital commitments for the coming months which is in excess of £900k, with this relating to additions to the hire fleet and further spend is likely during the remainder of the financial year.
We pride ourselves on the quality of services we provide, which is only possible as a result of our employee’s commitment and skills.  We continue to ensure the working environment, training and working arrangements are in keeping with industry best practice and market conditions.  

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its Directors during the year.  These provisions remain in force at the reporting date.

Matters covered in the Strategic Report

Details of the Company's risk management objective and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

- 4 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


Auditors

On 28 March 2024 our auditor, SB Audit LLPmerged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. 

This report was approved by the board on 14 March 2025 and signed on its behalf.
 





P J King
Director

- 5 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED
 

Opinion


We have audited the financial statements of Watson & Hillhouse Limited (the 'Company') for the year ended 30 November 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 November 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 United Kingdom, including the Financial Reporting Council'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.



- 6 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 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:


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.



- 7 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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.



- 8 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED (CONTINUED)


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 an Auditors' 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 experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company.
The following laws and regulations were identified as being of significance to the Company:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law.
•Those laws and regulations considered to have an indirect effect on the financial statements including The Health & Safety Act 1974, GDPR, anti-bribery and corruption, human rights and Employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing of journal entries, performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditors' Report.

- 9 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATSON & HILLHOUSE LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Steven Burgess (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

14 March 2025

- 10 -


 
WATSON & HILLHOUSE LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,052,890
13,713,800

Cost of sales
  
(7,980,784)
(8,446,987)

Gross profit
  
5,072,106
5,266,813

Distribution costs
  
(933,503)
(1,051,672)

Administrative expenses
  
(2,281,754)
(2,313,337)

Other operating income
 5 
222,783
422,604

Operating profit
 6 
2,079,632
2,324,408

Interest receivable and similar income
 10 
33,863
29,122

Interest payable and similar expenses
 11 
(63,924)
(102,841)

Profit before tax
  
2,049,571
2,250,689

Tax on profit
 12 
(516,618)
(544,914)

Profit for the financial year
  
1,532,953
1,705,775

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 17 to 31 form part of these financial statements.




- 11 -


 
WATSON & HILLHOUSE LIMITED
REGISTERED NUMBER: 01075189

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
6,166,853
6,487,337

  
6,166,853
6,487,337

Current assets
  

Stocks
 14 
591,992
535,122

Debtors: amounts falling due within one year
 15 
2,353,263
2,985,530

Cash at bank and in hand
  
2,656,576
3,124,604

  
5,601,831
6,645,256

Creditors: amounts falling due within one year
 16 
(3,299,533)
(4,543,607)

Net current assets
  
 
 
2,302,298
 
 
2,101,649

Total assets less current liabilities
  
8,469,151
8,588,986

Creditors: amounts falling due after more than one year
 17 
(325,853)
(886,082)

Provisions for liabilities
  

Deferred tax
 19 
(1,471,109)
(1,472,660)

Net assets
  
6,672,189
6,230,244


Capital and reserves
  

Called up share capital 
 20 
29,713
29,713

Share premium account
 21 
63,164
63,164

Capital redemption reserve
 21 
25,000
25,000

Profit and loss account
 21 
6,554,312
6,112,367

  
6,672,189
6,230,244


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2025.




R H G Watson
P J King
Director
Director

The notes on pages 17 to 31 form part of these financial statements.

- 12 -


 
WATSON & HILLHOUSE LIMITED
 

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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 December 2022
29,713
63,164
25,000
4,612,600
4,730,477



Profit for the year
-
-
-
1,705,775
1,705,775

Dividends: Equity capital
-
-
-
(206,008)
(206,008)



At 1 December 2023
29,713
63,164
25,000
6,112,367
6,230,244



Profit for the year
-
-
-
1,532,953
1,532,953

Dividends: Equity capital
-
-
-
(1,091,008)
(1,091,008)


At 30 November 2024
29,713
63,164
25,000
6,554,312
6,672,189


The notes on pages 17 to 31 form part of these financial statements.

- 13 -


 
WATSON & HILLHOUSE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,532,953
1,705,775

Adjustments for:

Depreciation of tangible assets
940,019
928,720

Profit on disposal of tangible assets
(222,783)
(395,893)

Interest paid
63,924
102,841

Interest received
(33,863)
(29,122)

Taxation charge
516,618
544,914

(Increase)/decrease in stocks
(56,870)
70,588

Decrease/(increase) in debtors
632,267
(883,389)

(Decrease)/increase in creditors
(981,862)
1,035,903

Corporation tax (paid)
(625,345)
(138,794)

Net cash generated from operating activities

1,765,058
2,941,543


Cash flows from investing activities

Purchase of tangible fixed assets
(1,079,780)
(1,408,428)

Sale of tangible fixed assets
683,028
1,208,800

Interest received
33,863
29,122

HP interest paid
(63,254)
(101,504)

Net cash from investing activities

(426,143)
(272,010)

- 14 -


 
WATSON & HILLHOUSE LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


2024
2023

£
£



Cash flows from financing activities

New/(Repayment of) finance leases
(715,265)
(1,086,091)

Dividends paid
(1,091,008)
(206,008)

Interest paid
(670)
(1,337)

Net cash used in financing activities
(1,806,943)
(1,293,436)

Net (decrease)/increase in cash and cash equivalents
(468,028)
1,376,097

Cash and cash equivalents at beginning of year
3,124,604
1,748,507

Cash and cash equivalents at the end of year
2,656,576
3,124,604


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,656,576
3,124,604

2,656,576
3,124,604


The notes on pages 17 to 31 form part of these financial statements.


- 15 -


 
WATSON & HILLHOUSE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

3,124,604

(468,028)

2,656,576

Finance leases

(1,456,684)

715,265

(741,419)


1,667,920
247,237
1,915,157

The notes on pages 17 to 31 form part of these financial statements.

- 16 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Watson & Hillhouse Limited is a private company limited by shares and incorporated and domiciled in England and Wales. The address of the registered office is 51 Whitehouse Road, Ipswich, Suffolk, IP1 5NT.
The principal activity of the Company is the sale and hire of plant. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are drawn up on a going concern basis.
The Directors have made enquiries and reviewed forecasts and believe that the Company is in a strong position to continue to trade and meet its liabilities as they fall due for a period of 12 months from the date of approval of these financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover in respect to the sale of plant is recognised upon dispatch.
Turnover in respect to the hire of plant is recognised over the period to which the service relates.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


- 17 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5% to 15% per annum reducing balance
Motor vehicles
-
25% per annum on cost
Computer equipment
-
33.3% per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

- 18 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.


- 19 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


- 20 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


- 21 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year.  However, the nature of estimation means that actual outcomes could differ from those estimates.  No significant judgements (apart from those involving estimates) have been made when preparing the financial statements.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Stock
Stocks are stated at the lower of cost and net realisable value, after making due allowance for the stock provision.  Management reviews the stock holdings and make a provision based upon historical experience where the recoverable amount on a stock item has fallen below the cost.
Useful economic life of assets
Depreciation is charged so as to allocate the cost of assets their residual value over their estimated useful lives.  The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if there is an indication of a significant change since the last reporting date.


- 22 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
        %
        %
United Kingdom

80

80
 
Europe

20

20
 
Rest of the world

-

-
 

100

100
 


5.


Other operating income

2024
2023
£
£

Profit on disposal of fixed assets
222,783
422,604

222,783
422,604



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
940,019
928,720

Exchange differences
36,622
16,918

Other operating lease rentals
185,891
157,127

(Profit) on disposal of tangible fixed assets
(222,783)
(422,604)


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,500
16,000

- 23 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Employees

2024
2023
£
£

Wages and salaries
2,597,231
2,689,031

Social security costs
352,967
351,731

Cost of defined contribution scheme
52,250
66,382

3,002,448
3,107,144


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
31
31


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,009,276
1,142,669

Company contributions to defined contribution pension schemes
7,825
7,545

1,017,101
1,150,214


During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £377,984 (2023 - £431,205).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
33,863
29,122

33,863
29,122


- 24 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
670
1,337

Finance leases and hire purchase contracts
63,254
101,504

63,924
102,841


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
518,196
405,345

Adjustments in respect of previous periods
(27)
(731)


Total current tax
518,169
404,614

Deferred tax


Origination and reversal of timing differences
(1,551)
140,300

Total deferred tax
(1,551)
140,300


Taxation on profit on ordinary activities
516,618
544,914

- 25 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,049,571
2,250,689


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
512,393
517,905

Effects of:


Expenses not deductible for tax purposes
(8,998)
16,867

Change in rate
-
(36,023)

Other assets not qualifying for capital allowance purposes
-
2,858

Adjustments to tax charge in respect of prior periods
(27)
-

Short-term timing difference leading to an increase (decrease) in taxation
-
(1,492)

Non-taxable income
431
-

Chargeable gains
12,819
44,799

Total tax charge for the year
516,618
544,914


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


- 26 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures, Fittings and Computer equipment
Total

£
£
£
£
£



Cost 


At 1 December 2023
162,260
13,143,098
225,005
117,222
13,647,585


Additions
78,880
992,725
8,175
-
1,079,780


Disposals
-
(879,317)
-
-
(879,317)



At 30 November 2024

241,140
13,256,506
233,180
117,222
13,848,048



Depreciation


At 1 December 2023
109,325
6,905,933
27,768
117,222
7,160,248


Charge for the year on owned assets
18,009
865,752
56,258
-
940,019


Disposals
-
(419,072)
-
-
(419,072)



At 30 November 2024

127,334
7,352,613
84,026
117,222
7,681,195



Net book value



At 30 November 2024
113,806
5,903,893
149,154
-
6,166,853



At 30 November 2023
52,935
6,237,165
197,237
-
6,487,337

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,406,662
2,112,227

1,406,662
2,112,227


- 27 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
591,992
535,122

591,992
535,122



15.


Debtors

2024
2023
£
£


Trade debtors
1,848,186
2,100,654

Other debtors
123,326
100,807

Prepayments and accrued income
381,751
784,069

2,353,263
2,985,530



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,152,800
1,664,462

Corporation tax
298,169
405,345

Other taxation and social security
377,312
244,423

Obligations under finance lease and hire purchase contracts
415,566
570,602

Other creditors
13,751
127,420

Accruals and deferred income
1,041,935
1,531,355

3,299,533
4,543,607



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
325,853
886,082


Hire purchase contracts are secured on the underlying assets to which they relate.


- 28 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
366,310
552,070

Between 1-5 years
328,796
921,210

695,106
1,473,280

19.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,472,660)
(1,332,360)


Charged to profit or loss
1,551
(140,300)



At end of year
(1,471,109)
(1,472,660)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,471,109)
(1,472,660)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



25,000 (2023 - 25,000) Ordinary shares of £1.00 each
25,000
25,000
4,713 (2023 - 4,713) 'A' Ordinary shares of £1.00 each
4,713
4,713

29,713

29,713

The Ordinary shares and 'A' Ordinary shares rank pari passu with each other in all respects. 



- 29 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

21.


Reserves

Share premium account

The share premium account represents consideration received in excess of the nominal value of shares.

Capital redemption reserve

The capital redemption reserve represents the redemption or purchase of a company's own shares out of distributable profits.

Profit and loss account

Profit and loss account represents cumulative profits or losses, less dividends paid.


22.


Capital commitments


At 30 November 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
983,790
423,426


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £52,250 (2023 - £66,382). Contributions totalling £10,932 (2023 - £11,530) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 30 November 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
273,760
273,622

Later than 1 year and not later than 5 years
436,257
704,728

710,017
978,350


- 30 -


 
WATSON & HILLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

25.Other financial commitments

At 30 November 2024 the Company had foreign currency forward contracts to buy:
- 1.2m Euros at exchange rates against GBP between 1.1862 and 1.1939
- 70.3m Japanese Yen at exchange rates against GBP of 192.6178
At 30 November 2023 the Company had foreign currency forward contracts to buy:
- 620k Euros at exchange rates against GBP between 1.1391 and 1.1484
- 68.2m Japanese Yen at exchange rates against GBP of 182.6845


26.


Related party transactions

During the year the company paid rent of £110,000 (2023 - £105,000) to the pension scheme of certain directors.
During the year the company paid consultancy fees of £60,000 (2023 - £50,000) to a company controlled by one of the directors.  £Nil (2023 - £6,000) was outstanding at 30 November 2024.
At the year end an amount of £Nil (2023 - £Nil) was owed to one of the directors in respect of an interest-bearing loan.  Interest of £Nil (2023 - £2,280) was charged during the year.
During the year, wages were paid to a close family member of a director amounting to £6,011 (2023 - £6,021).
Key management personnel are those deemed to have authority and responsibility for planning, directing and controlling the activities of the Company.  Key management personnel remuneration for the year amounted to £1,143,336 (2023 - £1,290,087).


27.


Controlling party

The ultimate controlling party is Mr R H G Watson by virtue of his shareholding in the Company.

 

- 31 -