Westley Group Limited 01150600 false 2023-07-01 2024-06-30 2024-06-30 2024-06-30 The principal activity of the company is continues to be as a UK specialist engineering holding company which manages and co-ordinates the activities of its subsidiary undertakings, Spunalloys Limited, Meighs & Westleys Limited, Francis W Birkett & Sons Limited, Walter Frank and Sons Limited and J Roberts Bronze Components Ltd. Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false true true false false false false false false false false 01150600 2023-07-01 2024-06-30 01150600 2024-06-30 01150600 bus:Director2 bus:Consolidated 2024-06-30 01150600 bus:Director6 bus:Consolidated 2024-06-30 01150600 bus:Director7 bus:Consolidated 2024-06-30 01150600 bus:OrdinaryShareClass1 bus:Consolidated 2024-06-30 01150600 bus:Consolidated 2024-06-30 01150600 bus:Consolidated 1 2024-06-30 01150600 bus:Consolidated 2 2024-06-30 01150600 bus:Consolidated 1 2024-06-30 01150600 2 2024-06-30 01150600 core:CapitalRedemptionReserve 2024-06-30 01150600 core:CapitalRedemptionReserve bus:Consolidated 2024-06-30 01150600 core:RetainedEarningsAccumulatedLosses 2024-06-30 01150600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-06-30 01150600 core:RevaluationReserve 2024-06-30 01150600 core:RevaluationReserve bus:Consolidated 2024-06-30 01150600 core:ShareCapital 2024-06-30 01150600 core:ShareCapital bus:Consolidated 2024-06-30 01150600 core:SharePremium 2024-06-30 01150600 core:SharePremium bus:Consolidated 2024-06-30 01150600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-06-30 01150600 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 01150600 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2024-06-30 01150600 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 01150600 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2024-06-30 01150600 core:CurrentFinancialInstruments 2024-06-30 01150600 core:CurrentFinancialInstruments bus:Consolidated 2024-06-30 01150600 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 01150600 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-06-30 01150600 core:Non-currentFinancialInstruments 2024-06-30 01150600 core:Non-currentFinancialInstruments bus:Consolidated 2024-06-30 01150600 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 01150600 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-06-30 01150600 core:Goodwill bus:Consolidated 2024-06-30 01150600 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-06-30 01150600 core:BetweenOneFiveYears bus:Consolidated 2024-06-30 01150600 core:BetweenTwoFiveYears 2024-06-30 01150600 core:BetweenTwoFiveYears bus:Consolidated 2024-06-30 01150600 core:MoreThanFiveYears bus:Consolidated 2024-06-30 01150600 core:WithinOneYear 2024-06-30 01150600 core:WithinOneYear bus:Consolidated 2024-06-30 01150600 core:PensionPlan1 bus:Consolidated 2024-06-30 01150600 core:FurnitureFittings 2024-06-30 01150600 core:FurnitureFittings bus:Consolidated 2024-06-30 01150600 core:LandBuildings 2024-06-30 01150600 core:LandBuildings bus:Consolidated 2024-06-30 01150600 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 01150600 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-06-30 01150600 core:MotorVehicles bus:Consolidated 2024-06-30 01150600 core:PlantMachinery 2024-06-30 01150600 core:PlantMachinery bus:Consolidated 2024-06-30 01150600 core:DeferredTaxation bus:Consolidated 2024-06-30 01150600 bus:FRS102 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Audited bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:FullAccounts bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:RegisteredOffice bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Director1 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Director2 2023-07-01 2024-06-30 01150600 bus:Director2 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Director3 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Director4 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Director5 2023-07-01 2024-06-30 01150600 bus:Director5 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Director6 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Director7 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:HighestPaidDirector bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:OrdinaryShareClass1 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:Consolidated 2 2023-07-01 2024-06-30 01150600 bus:Consolidated 1 2023-07-01 2024-06-30 01150600 bus:Consolidated 6 2023-07-01 2024-06-30 01150600 bus:Consolidated 1 2023-07-01 2024-06-30 01150600 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-07-01 2024-06-30 01150600 bus:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 01150600 bus:Agent1 bus:Consolidated 2023-07-01 2024-06-30 01150600 2 2023-07-01 2024-06-30 01150600 core:CapitalRedemptionReserve 2023-07-01 2024-06-30 01150600 core:CapitalRedemptionReserve bus:Consolidated 2023-07-01 2024-06-30 01150600 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 01150600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-07-01 2024-06-30 01150600 core:RevaluationReserve 2023-07-01 2024-06-30 01150600 core:RevaluationReserve bus:Consolidated 2023-07-01 2024-06-30 01150600 core:ShareCapital 2023-07-01 2024-06-30 01150600 core:ShareCapital bus:Consolidated 2023-07-01 2024-06-30 01150600 core:SharePremium 2023-07-01 2024-06-30 01150600 core:SharePremium bus:Consolidated 2023-07-01 2024-06-30 01150600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-07-01 2024-06-30 01150600 countries:Europe bus:Consolidated 2023-07-01 2024-06-30 01150600 countries:RestWorldOutsideEurope bus:Consolidated 2023-07-01 2024-06-30 01150600 countries:UnitedKingdom bus:Consolidated 2023-07-01 2024-06-30 01150600 core:Goodwill bus:Consolidated 2023-07-01 2024-06-30 01150600 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-07-01 2024-06-30 01150600 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2023-07-01 2024-06-30 01150600 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2023-07-01 2024-06-30 01150600 core:ReportableOperatingSegment1 bus:Consolidated 2023-07-01 2024-06-30 01150600 core:ReportableOperatingSegment2 bus:Consolidated 2023-07-01 2024-06-30 01150600 core:ReportableOperatingSegment3 bus:Consolidated 2023-07-01 2024-06-30 01150600 core:PensionPlan1 bus:Consolidated 2023-07-01 2024-06-30 01150600 core:Buildings bus:Consolidated 2023-07-01 2024-06-30 01150600 core:FurnitureFittings 2023-07-01 2024-06-30 01150600 core:FurnitureFittings bus:Consolidated 2023-07-01 2024-06-30 01150600 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-07-01 2024-06-30 01150600 core:Land bus:Consolidated 2023-07-01 2024-06-30 01150600 core:LandBuildings 2023-07-01 2024-06-30 01150600 core:LandBuildings bus:Consolidated 2023-07-01 2024-06-30 01150600 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01150600 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2023-07-01 2024-06-30 01150600 core:MotorVehicles bus:Consolidated 2023-07-01 2024-06-30 01150600 core:PlantMachinery 2023-07-01 2024-06-30 01150600 core:PlantMachinery bus:Consolidated 2023-07-01 2024-06-30 01150600 core:DeferredTaxation bus:Consolidated 2023-07-01 2024-06-30 01150600 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-07-01 2024-06-30 01150600 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity bus:Consolidated 2023-07-01 2024-06-30 01150600 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:Leases bus:Consolidated 2023-07-01 2024-06-30 01150600 core:Subsidiary1 2023-07-01 2024-06-30 01150600 core:Subsidiary1 countries:AllCountries 2023-07-01 2024-06-30 01150600 core:Subsidiary2 2023-07-01 2024-06-30 01150600 core:Subsidiary2 countries:AllCountries 2023-07-01 2024-06-30 01150600 core:Subsidiary3 2023-07-01 2024-06-30 01150600 core:Subsidiary3 countries:AllCountries 2023-07-01 2024-06-30 01150600 core:Subsidiary4 2023-07-01 2024-06-30 01150600 core:Subsidiary4 countries:AllCountries 2023-07-01 2024-06-30 01150600 core:Subsidiary5 2023-07-01 2024-06-30 01150600 core:Subsidiary5 countries:AllCountries 2023-07-01 2024-06-30 01150600 core:Subsidiary6 2023-07-01 2024-06-30 01150600 core:Subsidiary6 countries:AllCountries 2023-07-01 2024-06-30 01150600 core:Subsidiary7 2023-07-01 2024-06-30 01150600 core:Subsidiary7 countries:AllCountries 2023-07-01 2024-06-30 01150600 core:Subsidiary8 2023-07-01 2024-06-30 01150600 core:Subsidiary8 countries:AllCountries 2023-07-01 2024-06-30 01150600 core:UKTax bus:Consolidated 2023-07-01 2024-06-30 01150600 countries:England bus:Consolidated 2023-07-01 2024-06-30 01150600 2023-06-30 01150600 bus:Consolidated 2023-06-30 01150600 core:CapitalRedemptionReserve 2023-06-30 01150600 core:CapitalRedemptionReserve bus:Consolidated 2023-06-30 01150600 core:RetainedEarningsAccumulatedLosses 2023-06-30 01150600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-06-30 01150600 core:RevaluationReserve 2023-06-30 01150600 core:RevaluationReserve bus:Consolidated 2023-06-30 01150600 core:ShareCapital 2023-06-30 01150600 core:ShareCapital bus:Consolidated 2023-06-30 01150600 core:SharePremium 2023-06-30 01150600 core:SharePremium bus:Consolidated 2023-06-30 01150600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-06-30 01150600 core:Goodwill bus:Consolidated 2023-06-30 01150600 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-06-30 01150600 core:CostValuation 2023-06-30 01150600 core:PensionPlan1 bus:Consolidated 2023-06-30 01150600 core:FurnitureFittings 2023-06-30 01150600 core:FurnitureFittings bus:Consolidated 2023-06-30 01150600 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 01150600 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2023-06-30 01150600 core:MotorVehicles bus:Consolidated 2023-06-30 01150600 core:PlantMachinery 2023-06-30 01150600 core:PlantMachinery bus:Consolidated 2023-06-30 01150600 core:DeferredTaxation bus:Consolidated 2023-06-30 01150600 2022-07-01 2023-06-30 01150600 2023-06-30 01150600 bus:OrdinaryShareClass1 bus:Consolidated 2023-06-30 01150600 bus:Consolidated 2023-06-30 01150600 bus:Consolidated 1 2023-06-30 01150600 bus:Consolidated 2 2023-06-30 01150600 bus:Consolidated 1 2023-06-30 01150600 2 2023-06-30 01150600 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 01150600 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2023-06-30 01150600 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 01150600 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2023-06-30 01150600 core:CurrentFinancialInstruments 2023-06-30 01150600 core:CurrentFinancialInstruments bus:Consolidated 2023-06-30 01150600 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 01150600 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-06-30 01150600 core:Non-currentFinancialInstruments 2023-06-30 01150600 core:Non-currentFinancialInstruments bus:Consolidated 2023-06-30 01150600 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 01150600 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-06-30 01150600 core:Goodwill bus:Consolidated 2023-06-30 01150600 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-06-30 01150600 core:BetweenOneFiveYears bus:Consolidated 2023-06-30 01150600 core:BetweenTwoFiveYears 2023-06-30 01150600 core:BetweenTwoFiveYears bus:Consolidated 2023-06-30 01150600 core:MoreThanFiveYears bus:Consolidated 2023-06-30 01150600 core:WithinOneYear 2023-06-30 01150600 core:WithinOneYear bus:Consolidated 2023-06-30 01150600 core:PensionPlan1 bus:Consolidated 2023-06-30 01150600 core:FurnitureFittings 2023-06-30 01150600 core:FurnitureFittings bus:Consolidated 2023-06-30 01150600 core:LandBuildings 2023-06-30 01150600 core:LandBuildings bus:Consolidated 2023-06-30 01150600 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 01150600 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2023-06-30 01150600 core:MotorVehicles bus:Consolidated 2023-06-30 01150600 core:PlantMachinery 2023-06-30 01150600 core:PlantMachinery bus:Consolidated 2023-06-30 01150600 bus:HighestPaidDirector bus:Consolidated 2022-07-01 2023-06-30 01150600 bus:Consolidated 2022-07-01 2023-06-30 01150600 bus:Consolidated 2 2022-07-01 2023-06-30 01150600 2 2022-07-01 2023-06-30 01150600 core:CapitalRedemptionReserve 2022-07-01 2023-06-30 01150600 core:CapitalRedemptionReserve bus:Consolidated 2022-07-01 2023-06-30 01150600 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 01150600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-07-01 2023-06-30 01150600 core:RevaluationReserve 2022-07-01 2023-06-30 01150600 core:RevaluationReserve bus:Consolidated 2022-07-01 2023-06-30 01150600 core:ShareCapital 2022-07-01 2023-06-30 01150600 core:ShareCapital bus:Consolidated 2022-07-01 2023-06-30 01150600 core:SharePremium 2022-07-01 2023-06-30 01150600 core:SharePremium bus:Consolidated 2022-07-01 2023-06-30 01150600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-07-01 2023-06-30 01150600 countries:Europe bus:Consolidated 2022-07-01 2023-06-30 01150600 countries:RestWorldOutsideEurope bus:Consolidated 2022-07-01 2023-06-30 01150600 countries:UnitedKingdom bus:Consolidated 2022-07-01 2023-06-30 01150600 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2022-07-01 2023-06-30 01150600 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2022-07-01 2023-06-30 01150600 core:PensionPlan1 bus:Consolidated 2022-07-01 2023-06-30 01150600 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:Leases bus:Consolidated 2022-07-01 2023-06-30 01150600 core:Subsidiary1 2022-07-01 2023-06-30 01150600 core:Subsidiary2 2022-07-01 2023-06-30 01150600 core:Subsidiary3 2022-07-01 2023-06-30 01150600 core:Subsidiary4 2022-07-01 2023-06-30 01150600 core:Subsidiary5 2022-07-01 2023-06-30 01150600 core:Subsidiary6 2022-07-01 2023-06-30 01150600 core:Subsidiary7 2022-07-01 2023-06-30 01150600 core:Subsidiary8 2022-07-01 2023-06-30 01150600 core:UKTax bus:Consolidated 2022-07-01 2023-06-30 01150600 2022-06-30 01150600 bus:Consolidated 2022-06-30 01150600 bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01150600 bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:CapitalRedemptionReserve 2022-06-30 01150600 core:CapitalRedemptionReserve bus:Consolidated 2022-06-30 01150600 core:CapitalRedemptionReserve bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01150600 core:CapitalRedemptionReserve bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:CapitalRedemptionReserve core:PreviouslyStatedAmount 2022-06-30 01150600 core:CapitalRedemptionReserve core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:RetainedEarningsAccumulatedLosses 2022-06-30 01150600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-06-30 01150600 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01150600 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2022-06-30 01150600 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:RevaluationReserve 2022-06-30 01150600 core:RevaluationReserve bus:Consolidated 2022-06-30 01150600 core:RevaluationReserve bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01150600 core:RevaluationReserve bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:RevaluationReserve core:PreviouslyStatedAmount 2022-06-30 01150600 core:RevaluationReserve core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:ShareCapital 2022-06-30 01150600 core:ShareCapital bus:Consolidated 2022-06-30 01150600 core:ShareCapital bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01150600 core:ShareCapital bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:ShareCapital core:PreviouslyStatedAmount 2022-06-30 01150600 core:ShareCapital core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:SharePremium 2022-06-30 01150600 core:SharePremium bus:Consolidated 2022-06-30 01150600 core:SharePremium bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01150600 core:SharePremium bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:SharePremium core:PreviouslyStatedAmount 2022-06-30 01150600 core:SharePremium core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-06-30 01150600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PreviouslyStatedAmount 2022-06-30 01150600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-06-30 01150600 core:PreviouslyStatedAmount 2022-06-30 01150600 core:PriorPeriodIncreaseDecrease 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01150600

Westley Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

Westley Group Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 12

Consolidated Profit and Loss Account

13

Consolidated Statement of Comprehensive Income

14

Consolidated Balance Sheet

15

Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19

Statement of Cash Flows

20

Notes to the Financial Statements

21 to 49

 

Westley Group Limited

Company Information

Directors

Thomas Philip Westley DL

Thomas Arthur Westley

James Michael Salisbury

Robert John Salisbury

Michael James Richards

Chris Rowlands

Daniel Owen Brooks

Registered office

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Bankers

HSBC UK Bank Plc
1 Centenary Square
Birmingham
B1 1HQ

Auditors

Walker Hubble 5 Parsons Street
Dudley
West Midlands
DY1 1JJ

 

Westley Group Limited

Strategic Report for the Year Ended 30 June 2024

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

Principal activity

The principal activity of the Company continues to be as a UK specialist engineering holding company which manages and co-ordinates the activities of its subsidiary undertakings, Spunalloys Limited, Meighs & Westleys Limited, Francis W Birkett & Sons Limited, Walter Frank and Sons Limited and J Roberts Bronze Components Ltd.

Fair review of the business

The year ending 30 June 2024 was another pleasing year for the Group, with the consolidated businesses generating an EBITDA of £4.8m, an increase of £1.3m compared to the prior financial year. The Group has experienced revenue growth in each of the last 3 financial years to reach the current revenue of £38.3m. This revenue is 15% higher than that achieved in 2019, being the last year prior to the global Covid-19 pandemic, the previous peak performance of the Group.

The Group’s export sales account for 31% of total revenue, which is in line with the prior year. However, in the current year, exports to countries outside of Europe accounted for 51% of exports, whereas in the prior year this was only 34%. This change is due to targeted strategies to penetrate global markets such as the USA and the Middle East, with 57% revenue growth being achieved in the year compared to the previous. However, the Group has also been impacted by a slowdown in the European economy with revenue in this geographical market falling by 24%.

The trading subsidiaries of the Group all made positive contributions to EBITDA with Meighs & Westleys leading the way. This business was responsible for generating £3m of the Group’s EBITDA and had a particularly strong second half of the year due to the production of some material naval defence contracts. Francis W Birkett & Sons (FWB) and Walter Frank and Sons both saw an improvement in their performance compared to the prior year. FWB is an important part of the Group’s strategy to provide finished machined products to its customers and increased focus on this offering has resulted in a revenue increase for this company. Walter Frank has continued to benefit from the re-opening of the global economy post Covid-19, with an increase in export sales to non-European countries being almost entirely accountable for a 33% revenue increase overall for this company. The only area of the Group which did not see an improvement on the prior year was Spunalloys. Although this company did generate EBITDA of £0.5m, the business has historically generated a significant proportion of its revenue from the European market and the economic slowdown in this economy is a contributing factor to a 33% reduction of sales to this market and subsequently a fall in the overall EBITDA performance of the company.

The Group made capital investment in line with its depreciation charge thus maintaining the robust infrastructure it has put in place over recent history to enable it to handle contracts with the highest levels of security and offer global leading bronze foundry capabilities. The Group continues to invest across all aspects of the businesses in research and development, collaborating with stakeholders to provide difficult alloy component solutions to meet the needs of its customers.

£5.4m of cash was generated from operations during the year and after the aforementioned capital expenditure and the impact of financing costs and investment activities, the Group’s borrowings at the end of the year were £2.2m. The Group’s net assets of £19.1m thus mean it has a healthy gearing ratio of 12%.

 

Westley Group Limited

Strategic Report for the Year Ended 30 June 2024 (continued)

Post Year-end there has been a planned reorganisation of the existing shareholders of Westley Group completing on the 25th October 2024. Prior to the reorganisation, the ultimate owner of Westley Group was Musgrave Holdings Limited, which was controlled by James Salisbury and Rob Salisbury. As a result of the reorganisation there has been a shareholder change of control, such that the ultimate owner of Westley Group is now Westley International Holdings Limited, which is controlled by the Westley Family, who were previously a minority shareholder of the Group but trace their involvement with the Group to its origin over 200 years ago. James Salisbury will continue in his role as Chief Executive Officer of the Group going forward and the board of directors remains the same plus further strengthened with the introduction of Dan Brooks. Dan’s introduction to the Group provides strategic direction for succession planning for the Group. Financing for the reorganisation was provided by the Group’s banking partner HSBC, who continue to be fully supportive of the Group’s stable progression.

The Directors expect the businesses within the Group to continue to generate profits in the forthcoming financial year in line with recent performance and expect revenue to grow to in excess of £40m in the next financial year. Further tranches of work released for the UK naval marine market will provide the backbone for this performance plus the Directors believe the Group is now well placed to further penetrate the global marketplace, where the anticipated demand is growing due to the geo-political conditions, providing further confidence that such growth is achievable.

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£

38,258,283

36,477,382

Turnover per employee

£

126,265

123,234

Gross Profit

£

10,926,270

10,255,138

Gross Profit %

%

29

28

EBITDA (before exceptional items)

£

4,838,447

3,537,468

EBITDA %

%

13

10

Principal risks and uncertainties

The management continually monitors the key risks facing the business as well as assessing the controls used for managing these risks.

The Company's demand is influenced by external factors within the marketplaces it serves. For example, demand within the oil and gas market, one of the markets the business serves, is materially linked to the price of oil, which fluctuates for lots of reasons including geo-political factors. The business adopts a diversified approach serving several different geographic and industry markets which manages the risk of exposure to demand fluctuations in one specific market.

A significant proportion of the Company's turnover is to export markets. Fluctuating exchange rates therefore provide the business with competitive advantages and disadvantages depending upon the relative strength of the pound. This area of risk is also managed through appropriate use of exchange rate hedging strategies.

The metal content of the Group's product exposes it to fluctuations in metal prices. The Group manages this by purchasing strategies and sales contracts linked to material prices.

The Group's operations involve the typical health and safety hazards inherent in manufacturing and business operations. The company is subject to numerous laws and regulations relating to health and safety around the world. Hazards are managed by risk assessments and introducing appropriate controls, as well as attending relevant Health and Safety training courses.

 

Westley Group Limited

Strategic Report for the Year Ended 30 June 2024 (continued)

Environmental matters

Westley Group considers respect for the environment as a core value of the Group. The Group has an approved environmental policy which sets out the guiding principles which all of its subsidiaries must adopt and observe. Under this policy the Group pursues clear strategic goals, taking into account the available technologies and resources, with the aim of progressively improving its environmental performance.

The Group has committed to being carbon neutral by 2040 and is taking steps necessary to reach this target.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Michael James Richards
Director

 

Westley Group Limited

Directors' Report for the Year Ended 30 June 2024

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

Directors of the group

The directors who held office during the year were as follows:

Thomas Philip Westley DL

James Michael Salisbury

Robert John Salisbury

Michael James Richards

Chris Rowlands (appointed 28 September 2023)

The following directors were appointed after the year end:

Thomas Arthur Westley (appointed 6 March 2025)

Daniel Owen Brooks (appointed 24 October 2024)

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group's policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The group does not use derivative financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk:
The group is exposed to commodity price risk. The group manages its risk to commodity price risk where it is considered financially appropriate, presently this is only in respect of metal purchasing.

Credit risk:
The group's principal financial assets are bank balances and cash, trade and other receivables.
The group's credit risk is primarily attributed to trade receivables. The amounts presented in the balance sheet are net of doubtful receivables. An allowance is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows.
The group has no significant concentration of credit risk, with exposure spread over a large number of customers.

Liquidity risk:
The group has funded and intends to continue funding its ongoing operations and future developments through cash generated from operating activities and secured bank borrowings.

Cash flow risk:
The group is not significantly exposed to the financial risks of foreign currency exchange rates. Interest bearing assets are held at fixed rates to ensure certainty of cash flow.

Employment of disabled persons

 

Westley Group Limited

Directors' Report for the Year Ended 30 June 2024 (continued)

The Group gives full and fair consideration to employment applications from disabled persons. Where an employee becomes disabled, arrangements are made wherever practical to continue employment by identifying an available job suited to the person's capabilities and providing any necessary retraining.

 

Westley Group Limited

Directors' Report for the Year Ended 30 June 2024 (continued)

Employee involvement

The Directors involve and inform the Group's employees as much as possible within regulatory constraints. The Directors communicate on a quarterly basis through core briefing updates to the employees to promote awareness of current progress and developments within the Group. Given the geographical spread and diverse operations of the Group each site will receive more specific communications from the relevant management of their operations on a more regular basis.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Walker Hubble are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Michael James Richards
Director

 

Westley Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 group and the company 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 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; and

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

 

Westley Group Limited

Independent Auditor's Report to the Members of Westley Group Limited

Opinion

We have audited the financial statements of Westley Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Westley Group Limited

Independent Auditor's Report to the Members of Westley Group Limited (continued)

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 8], 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.

Auditor 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.

 

Westley Group Limited

Independent Auditor's Report to the Members of Westley Group Limited (continued)

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We identified and assessed the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations. Our procedures included enquiry of management and performing analytical review procedures to identify any unusual relationships that may indicate a material misstatement. We also tested the appropriateness of journals to address the risk of fraud through management override of controls. We performed appropriate testing in respect of the risk of fraud in revenue recognition through a review of margins, sales cut off procedures and by performing existence and valuation testing on trade debtors.

Relevant laws and regulations, together with potential fraud risks, were communicated to the audit engagement team at the planning stage to remain alert to any indication of fraud or non compliance with laws and regulations throughout the audit.

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 auditor's report.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Westley Group Limited

Independent Auditor's Report to the Members of Westley Group 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 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.

......................................
Gavin R Pearson (Senior Statutory Auditor)
For and on behalf of Walker Hubble, Statutory Auditor
 5 Parsons Street
Dudley
West Midlands
DY1 1JJ

14 March 2025

 

Westley Group Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

38,258,283

36,477,382

Cost of sales

 

(27,332,013)

(26,222,244)

Gross profit

 

10,926,270

10,255,138

Administrative expenses

 

(8,048,925)

(9,023,970)

Other operating income

4

138,211

210,272

Operating profit

6

3,015,556

1,441,440

Other interest receivable and similar income

8

-

6,514

Interest payable and similar expenses

9

(157,429)

114,264

   

(157,429)

120,778

Profit before tax

 

2,858,127

1,562,218

Tax on profit

13

(112,535)

276,059

Profit for the financial year

 

2,745,592

1,838,277

Profit/(loss) attributable to:

 

Owners of the company

 

2,745,592

1,838,277

The above results were derived from continuing operations.

 

Westley Group Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

2,745,592

1,838,277

Goodwill on Consolidation

(17,732)

(17,732)

Remeasurement gain/loss on defined benefit pension schemes before tax

21,000

182,000

Income tax effect

(11,500)

(53,000)

(8,232)

111,268

Total comprehensive income for the year

2,737,360

1,949,545

Total comprehensive income attributable to:

Owners of the company

2,737,360

1,949,545

 

Westley Group Limited

(Registration number: 01150600)
Consolidated Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

14

109,345

138,633

Tangible assets

15

10,557,705

10,496,172

 

10,667,050

10,634,805

Current assets

 

Stocks

17

11,716,253

11,623,432

Debtors

18

9,075,102

10,989,508

Cash at bank and in hand

 

2,539,766

2,404,384

 

23,331,121

25,017,324

Creditors: Amounts falling due within one year

20

(12,109,375)

(13,220,351)

Net current assets

 

11,221,746

11,796,973

Total assets less current liabilities

 

21,888,796

22,431,778

Creditors: Amounts falling due after more than one year

20

(3,015,726)

(3,403,667)

Provisions for liabilities

21

(47,072)

-

Net assets excluding pension asset/(liability)

 

18,825,998

19,028,111

Net pension asset

22

294,750

260,250

Net assets

 

19,120,748

19,288,361

Capital and reserves

 

Called up share capital

23

60,646

60,646

Share premium reserve

52,419

52,419

Capital redemption reserve

3,484,605

3,484,605

Revaluation reserve

2,037,167

2,046,427

Retained earnings

13,485,911

13,644,264

Equity attributable to owners of the company

 

19,120,748

19,288,361

Shareholders' funds

 

19,120,748

19,288,361

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Thomas Arthur Westley
Director

 

Westley Group Limited

(Registration number: 01150600)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

15

3,820,250

3,869,395

Investments

16

10,567,516

10,567,516

 

14,387,766

14,436,911

Current assets

 

Debtors

18

460,607

267,710

Cash at bank and in hand

 

815,892

1,205,154

 

1,276,499

1,472,864

Creditors: Amounts falling due within one year

20

(8,124,293)

(8,589,294)

Net current liabilities

 

(6,847,794)

(7,116,430)

Total assets less current liabilities

 

7,539,972

7,320,481

Creditors: Amounts falling due after more than one year

20

(2,530,000)

(2,750,000)

Net assets

 

5,009,972

4,570,481

Capital and reserves

 

Called up share capital

23

60,646

60,646

Share premium reserve

52,419

52,419

Capital redemption reserve

3,484,605

3,484,605

Revaluation reserve

1,990,970

2,000,230

Retained earnings

(578,668)

(1,027,419)

Shareholders' funds

 

5,009,972

4,570,481

The company made a profit after tax for the financial year of £205,664 (2023 - loss of £142,120).

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Thomas Arthur Westley
Director

 

Westley Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2023

60,646

52,419

3,484,605

2,046,427

13,644,264

19,288,361

19,288,361

Profit for the year

-

-

-

-

2,745,592

2,745,592

2,745,592

Other comprehensive income

-

-

-

(9,260)

1,028

(8,232)

(8,232)

Total comprehensive income

-

-

-

(9,260)

2,746,620

2,737,360

2,737,360

Dividends

-

-

-

-

(2,904,973)

(2,904,973)

(2,904,973)

At 30 June 2024

60,646

52,419

3,484,605

2,037,167

13,485,911

19,120,748

19,120,748

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2022

60,646

52,419

3,484,605

2,055,727

11,821,874

17,475,271

17,475,271

Prior period adjustment

-

-

-

(40)

40

-

-

At 1 July 2022 (As restated)

60,646

52,419

3,484,605

2,055,687

11,821,914

17,475,271

17,475,271

Profit for the year

-

-

-

-

1,838,277

1,838,277

1,838,277

Other comprehensive income

-

-

-

(9,260)

120,528

111,268

111,268

Total comprehensive income

-

-

-

(9,260)

1,958,805

1,949,545

1,949,545

Dividends

-

-

-

-

(136,455)

(136,455)

(136,455)

At 30 June 2023

60,646

52,419

3,484,605

2,046,427

13,644,264

19,288,361

19,288,361

 

Westley Group Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

60,646

52,419

3,484,605

2,000,230

(1,027,419)

4,570,481

Profit for the year

-

-

-

-

205,664

205,664

Other comprehensive income

-

-

-

(9,260)

3,148,060

3,138,800

Total comprehensive income

-

-

-

(9,260)

3,353,724

3,344,464

Dividends

-

-

-

-

(2,904,973)

(2,904,973)

At 30 June 2024

60,646

52,419

3,484,605

1,990,970

(578,668)

5,009,972

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

60,646

52,419

3,484,605

2,009,530

(758,144)

4,849,056

Prior period adjustment

-

-

-

(40)

40

-

At 1 July 2022 (As restated)

60,646

52,419

3,484,605

2,009,490

(758,104)

4,849,056

Loss for the year

-

-

-

-

(142,120)

(142,120)

Other comprehensive income

-

-

-

(9,260)

9,260

-

Total comprehensive income

-

-

-

(9,260)

(132,860)

(142,120)

Dividends

-

-

-

-

(136,455)

(136,455)

At 30 June 2023

60,646

52,419

3,484,605

2,000,230

(1,027,419)

4,570,481

 

Westley Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

2,745,592

1,838,277

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

1,633,101

1,708,100

Profit on disposal of tangible assets

5

(14,800)

(7,167)

Finance income

8

-

(6,514)

Finance costs

9

362,019

280,830

Income tax credit

13

112,535

(276,059)

 

4,838,447

3,537,467

Working capital adjustments

 

Increase in stocks

17

(92,821)

(1,562,671)

Decrease/(increase) in trade debtors

18

1,352,442

(1,835,708)

(Decrease)/increase in trade creditors

20

(1,079,871)

1,646,349

Decrease in retirement benefit obligation net of actuarial changes

22

(25,000)

(30,000)

Decrease in deferred income, including government grants

 

(105,086)

(210,172)

Cash generated from operations

 

4,888,111

1,545,265

Income taxes received

13

518,504

471,352

Net cash flow from operating activities

 

5,406,615

2,016,617

Cash flows from investing activities

 

Interest received

-

6,514

Acquisitions of tangible assets

(1,687,557)

(1,818,638)

Proceeds from sale of tangible assets

 

19,280

7,167

Acquisition of intangible assets

14

-

(5,542)

Net cash flows from investing activities

 

(1,668,277)

(1,810,499)

Cash flows from financing activities

 

Interest paid

9

(362,019)

(280,830)

Repayment of bank borrowing

 

(79,589)

(80,357)

Proceeds from other borrowing draw downs

 

143,995

269,100

Payments to finance lease creditors

 

(346,571)

(300,614)

Dividends paid

(2,904,973)

(136,455)

Net cash flows from financing activities

 

(3,549,157)

(529,156)

Net increase/(decrease) in cash and cash equivalents

 

189,181

(323,038)

Cash and cash equivalents at 1 July

 

1,397,156

1,720,194

Cash and cash equivalents at 30 June

 

1,586,337

1,397,156

 

Westley Group Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit/(loss) for the year

 

205,664

(142,120)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

56,762

54,554

Finance income

-

(1)

Finance costs

273,124

216,156

Income tax expense

13

78,157

(36,080)

 

613,707

92,509

Working capital adjustments

 

(Increase)/decrease in trade debtors

18

(271,054)

217,506

(Decrease)/increase in trade creditors

20

(605,410)

1,096,916

Cash generated from operations

 

(262,757)

1,406,931

Income taxes paid

13

-

(340)

Net cash flow from operating activities

 

(262,757)

1,406,591

Cash flows from investing activities

 

Interest received

-

1

Acquisitions of tangible assets

(7,618)

(7,949)

Net cash flows from investing activities

 

(7,618)

(7,948)

Cash flows from financing activities

 

Interest paid

(273,124)

(216,156)

Repayment of bank borrowing

 

(79,589)

(80,355)

Redemption of shares classified as liabilities

 

3,138,799

-

Dividends paid

(2,904,973)

(136,455)

Net cash flows from financing activities

 

(118,887)

(432,966)

Net (decrease)/increase in cash and cash equivalents

 

(389,262)

965,677

Cash and cash equivalents at 1 July

 

1,205,154

239,477

Cash and cash equivalents at 30 June

 

815,892

1,205,154

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Doulton Road
Cradley Heath
West Midlands
B64 5QS

These financial statements were authorised for issue by the Board on 14 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Entities in which the group holds an interest on a long-term basis and are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the gross equity method.

Entities, other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence are treated as associates. In the group financial statements, associates are accounted for using the equity method.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Government grants

Government Grants,are credited to the Statement of Profit and Loss and Other Comprehensive Income in the financial period in which they have been received so as to match them with the expenditure to which they relate.

Other grants

The MOD is providing support over the lifetime of contracts towards the cost of specialised equipment. The grants are credited to the Statement of Profit and Loss and Other Comprehensive Income over the life of the contracts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

No depreciation

Buildings

Over 50 years

Leasehold buildings

Straight line over the life of the lease

Plant and machinery

Over 4 to 10 years

Fixtures, Fittings and Equipment

Over 3 to 10 years

Motor Vehicles

Over 4 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

write off the cost in equal annual instalments over their estimated useful life of 5 years.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Goodwill

write off the cost in equal annual instalments over 20 years.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Defined benefit pension obligation

The group operates a defined benefit pension scheme. Amounts in respect of current and past services costs are recognised as an employment expense within operating profit. Expected returns of the scheme and interest on the present value of the schemes liabilities are included net within other interest payable or receivable. All actuarial movements of the pension surplus/deficit are recognised through the Statement of Consolidated Income.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

38,258,283

36,477,382

The analysis of the group's Turnover for the year by market is as follows:

2024
£

2023
£

UK

26,416,725

24,979,108

Europe

5,788,463

7,639,824

Rest of world

6,053,095

3,858,450

38,258,283

36,477,382

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

107,586

210,072

Rental income

30,625

200

138,211

210,272

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

14,800

7,167

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,621,544

1,696,121

Amortisation expense

11,557

11,979

Operating lease expense - property

188,000

188,000

Operating lease expense - plant and machinery

317,418

211,772

Profit on disposal of property, plant and equipment

(14,800)

(7,167)

7

Government grants

Government Grants are credited to the Statement of Profit and Loss and Other Comprehensive Income in the financial period in which they are received so as to match them with expenditure to which they relate.
The MOD is providing support over the lifetime of contracts towards the cost of specialised equipment for use on their contracts.

The amount of grants recognised in the financial statements was £107,586 (2023 - £210,072).

8

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

-

61

Other finance income

-

6,453

-

6,514

9

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

291,106

216,731

Interest on obligations under finance leases and hire purchase contracts

39,879

32,801

Foreign exchange gains

(204,590)

(395,094)

Other finance costs

31,034

31,298

157,429

(114,264)

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

10

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

10,531,969

9,460,026

Social security costs

937,194

852,200

Other short-term employee benefits

5,405

-

Pension costs, defined contribution scheme

341,143

302,541

Other employee expense

91,727

101,548

11,907,438

10,716,315

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

247

242

Administration and support

56

54

303

296

11

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

131,942

30,946

Contributions paid to money purchase schemes

15,061

-

147,003

30,946

In respect of the highest paid director:

2024
£

2023
£

Remuneration

95,226

28,332

Company contributions to money purchase pension schemes

15,061

-

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

12

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

36,450

29,600

Other fees to auditors

Taxation compliance services

13,200

9,150

All other assurance services

8,207

13,223

21,407

22,373


 

13

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

(377,684)

(421,121)

UK corporation tax adjustment to prior periods

-

(141,818)

(377,684)

(562,939)

Deferred taxation

Arising from origination and reversal of timing differences

490,219

267,252

Arising from changes in tax rates and laws

-

19,628

Total deferred taxation

490,219

286,880

Tax expense/(receipt) in the income statement

112,535

(276,059)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

13

Taxation (continued)

2024
£

2023
£

Profit before tax

2,858,127

1,562,218

Corporation tax at standard rate

714,532

320,192

Increase from effect of different UK tax rates on some earnings

-

3,243

Tax decrease from other short-term timing differences

(11,500)

(53,000)

Effect of revenues exempt from taxation

-

(1,609,719)

Effect of expense not deductible in determining taxable profit (tax loss)

267,508

789,204

Effect of tax losses

-

604,630

Deferred tax expense relating to changes in tax rates or laws

-

19,628

Decrease from effect of tax incentives

(858,005)

(350,237)

Total tax charge/(credit)

112,535

(276,059)

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

14

Intangible assets

Group

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2023

354,637

100,537

455,174

At 30 June 2024

354,637

100,537

455,174

Amortisation

At 1 July 2023

248,248

68,293

316,541

Amortisation charge

17,732

11,556

29,288

At 30 June 2024

265,980

79,849

345,829

Carrying amount

At 30 June 2024

88,657

20,688

109,345

At 30 June 2023

106,389

32,244

138,633

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

15

Tangible assets

Group

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

4,820,366

2,948,672

16,337,923

175,631

24,282,592

Additions

-

596,360

1,020,232

70,965

1,687,557

Disposals

-

(4,479)

-

(19,422)

(23,901)

At 30 June 2024

4,820,366

3,540,553

17,358,155

227,174

25,946,248

Depreciation

At 1 July 2023

125,970

1,704,743

11,824,901

130,805

13,786,419

Charge for the year

62,985

309,902

1,226,849

21,809

1,621,545

Eliminated on disposal

-

-

-

(19,421)

(19,421)

At 30 June 2024

188,955

2,014,645

13,051,750

133,193

15,388,543

Carrying amount

At 30 June 2024

4,631,411

1,525,908

4,306,405

93,981

10,557,705

At 30 June 2023

4,694,396

1,243,929

4,513,022

44,825

10,496,172

Included within the net book value of land and buildings above is £4,631,410 (2023 - £4,694,396) in respect of freehold land and buildings.
 

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

15

Tangible assets (continued)

Revaluation

The fair value of the group's land and buildings was revalued on 16 July 2021 by an independent valuer.

The basis of this valuation was in accordance with RICS Valuation - Global Standards.

The valuation of these properties was on the basis of Fair Value assuming that the properties would be sold as part of the continuing business.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,310,457 (2023 - £2,364,182).
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant and Machinery

1,404,284

1,479,183

Motor Vehicles

-

-

1,404,284

1,479,183

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

15

Tangible assets (continued)

Company

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

3,970,000

3,962

7,080

3,981,042

Additions

-

7,618

-

7,618

At 30 June 2024

3,970,000

11,580

7,080

3,988,660

Depreciation

At 1 July 2023

108,000

3,136

511

111,647

Charge for the year

54,000

1,347

1,416

56,763

At 30 June 2024

162,000

4,483

1,927

168,410

Carrying amount

At 30 June 2024

3,808,000

7,097

5,153

3,820,250

At 30 June 2023

3,862,000

826

6,569

3,869,395

Included within the net book value of land and buildings above is £3,808,000 (2023 - £3,916,000 in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 16 July 2021 by an independent valuer.

The basis of the valuation was in accordance with RICS Valuation - Global Standards.

The valuation of these properties was on the basis of Fair Value assuming that the properties would be sold as part of the continuing business.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,817,030 (2023 - £1,861,770).
 

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

16

Investments

Company

2024
£

2023
£

Investments in subsidiaries

10,567,516

10,567,516

Subsidiaries

£

Cost or valuation

At 1 July 2023 &
30 June 2023

10,567,516

Carrying amount

At 30 June 2024

10,567,516

At 30 June 2023

10,567,516

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

16

Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Francis W Birkett & Sons Limited

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Ordinary Shares

100%

100%

 

England

     

Walter Frank & Sons Limited

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Ordinary Shares

100%

100%

 

England

     

J Roberts Bronze Components Limited

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Ordinary Shares

100%

100%

 

England

     

Meighs & Westleys Limited

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Ordinary Shares

100%

100%

 

England

     

Spunalloys Limited

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Ordinary Shares

100%

100%

 

England

     

Sweetmore Engineering Holdings Limited

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Ordinary Shares

100%

100%

 

England

     
 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

16

Investments (continued)

Westleys Limited

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Ordinary Shares

100%

100%

 

England

     

Meighs Limited

Doulton Road
Cradley Heath
West Midlands
B64 5QS

Ordinary Shares

100%

100%

 

England

     

Subsidiary undertakings

Francis W Birkett & Sons Limited

The principal activity of Francis W Birkett & Sons Limited is the manufacture and sale of non ferrous components.

Walter Frank & Sons Limited

The principal activity of Walter Frank & Sons Limited is the manufacturing of engineered castings and fire fighting equipment.

J Roberts Bronze Components Limited

The principal activity of J Roberts Bronze Components Limited is a property rental company.

Meighs & Westleys Limited

The principal activity of Meighs & Westleys Limited is the manufacture and sale of ferrous and non ferrous castings and provision of finished machining activities.

Spunalloys Limited

The principal activity of Spunalloys Limited is the manufacture and sale of ferrous and non ferrous centrifugal castings and provision of finished machining activities.

Sweetmore Engineering Holdings Limited

The principal activity of Sweetmore Engineering Holdings Limited is non-trading - struck off during the year..

Westleys Limited

The principal activity of Westleys Limited is non-trading - struck off during the year..

Meighs Limited

The principal activity of Meighs Limited is non-trading.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

17

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

5,902,210

5,794,278

-

-

Work in progress

4,346,867

4,226,975

-

-

Finished goods and goods for resale

1,467,176

1,602,179

-

-

11,716,253

11,623,432

-

-

Group

The carrying amount of stocks pledged as security for liabilities amounted to £11,716,253 (2023 - £11,623,432).

18

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

7,244,216

8,478,108

-

-

Amounts owed by related parties

28

228,254

-

228,253

-

Other debtors

 

375,956

584,114

54,265

40,770

Prepayments

 

826,989

965,635

70,526

41,220

Deferred tax assets

13

-

443,147

107,563

185,720

Income tax asset

13

399,687

518,504

-

-

   

9,075,102

10,989,508

460,607

267,710

Less non-current portion

 

-

(443,147)

-

(185,720)

 

9,075,102

10,546,361

460,607

81,990

Details of non-current trade and other debtors

Group

£Nil (2023 - £443,147) of Deferred Tax Asset is classified as non current. The Deferred Tax Asset relates to trading losses that are available for offset against future trading profits.

Company

£Nil (2023 - £185,720) of Deferred Tax Assets is classified as non current.

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

19

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

805

969

-

-

Cash at bank

2,538,961

2,403,415

815,892

1,205,154

2,539,766

2,404,384

815,892

1,205,154

Bank overdrafts

(953,429)

(1,007,228)

-

-

Cash and cash equivalents in statement of cash flows

1,586,337

1,397,156

815,892

1,205,154

20

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

24

1,759,478

1,707,501

500,056

359,645

Trade creditors

 

5,178,919

5,473,385

-

6,988

Amounts due to related parties

28

-

153,967

7,235,047

7,590,489

Social security and other taxes

 

831,382

727,209

12,598

6,984

Outstanding defined contribution pension costs

 

68,669

61,776

2,830

844

Other payables

 

3,234,682

3,864,960

201,386

545,426

Accruals

 

756,408

868,633

172,376

78,918

Income tax liability

13

22,003

-

-

-

Deferred income

 

257,834

362,920

-

-

 

12,109,375

13,220,351

8,124,293

8,589,294

Due after one year

 

Loans and borrowings

24

3,015,726

3,403,667

2,530,000

2,750,000

21

Provisions for liabilities

Group

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

21

Provisions for liabilities (continued)

Deferred tax
£

Total
£

At 1 July 2023

(443,144)

(443,144)

Increase (decrease) in existing provisions

80,714

80,714

Provisions used

409,502

409,502

At 30 June 2024

47,072

47,072

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £341,143 (2023 - £302,541).

Contributions totalling £68,669 (2023 - £61,776) were payable to the scheme at the end of the year and are included in creditors.

Defined benefit pension schemes

J Roberts Bronze Components Limited Pension and Assurance Scheme

The group operates a pension scheme providing employees of J Roberts Bronze Components Limited benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested with insurance companies.

The date of the most recent comprehensive actuarial valuation was 30 June 2024. The valuation was undertaken to meet the requirements of the accounting standard FRS 102 issued by the UK Accounting standards Board.

The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £(19,000) (2023 - £(5,000)).

The total cost relating to defined benefit schemes for the year included in the cost of an asset was £Nil (2023 - £-).

The most recent Actuarial Valuation was at 30th June 2024. The valuation was prepared by Joanne Cummings FIA of Broadstone Pensions Limited.

The policy transactions statement for the scheme year ending 30th June 2024 showed the Policy Market Value at the end of the period amounted to £1,105,000.

Reconciliation of scheme assets and liabilities to assets and liabilities recognised

The amounts recognised in the balance sheet are as follows:

2024
£

2023
£

Fair value of scheme assets

1,105,000

1,026,000

Present value of defined benefit obligation

(712,000)

(679,000)

393,000

347,000

Other amounts not recognised in the balance sheet

(98,250)

(86,750)

Defined benefit pension scheme surplus

294,750

260,250

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

22

Pension and other schemes (continued)

Defined benefit obligation

Changes in the defined benefit obligation are as follows:

2024
£

Present value at start of year

679,000

Interest cost

35,000

Remeasurement gain/(losses) on defined benefit obligations

15,000

Benefits paid

(17,000)

Present value at end of year

712,000

Fair value of scheme assets

Changes in the fair value of scheme assets are as follows:

2024
£

Fair value at start of year

1,026,000

Interest income

54,000

Remeasurement gains/(losses) on assets

17,000

25,000

Contributions by scheme participants

(17,000)

Fair value at end of year

1,105,000

Analysis of assets

The major categories of scheme assets are as follows:

2024
£

2023
£

Cash and cash equivalents

122,000

99,000

Equity instruments

372,000

317,000

Property

82,000

87,000

Investment funds

529,000

523,000

1,105,000

1,026,000

Return on scheme assets

2024
£

2023
£

Return on scheme assets

71,000

30,000

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

22

Pension and other schemes (continued)

The pension scheme has not invested in any of the group's own financial instruments or in properties or other assets used by the group.

Principal actuarial assumptions

The principal actuarial assumptions at the balance sheet date are as follows:

2024
%

2023
%

Discount rate

5.00

5.20

Future pension increases

2.05

2.50

Inflation (RPI)

3.30

3.40

Post retirement mortality assumptions

2024
Years

2023
Years

Current UK pensioners at retirement age - male

21.00

21.00

Current UK pensioners at retirement age - female

24.00

24.00

Future UK pensioners at retirement age - male

22.00

22.00

Future UK pensioners at retirement age - female

25.00

25.00

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.10 each

606,464

60,646

606,464

60,646

       
 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

24

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

2,530,000

2,750,000

2,530,000

2,750,000

Hire purchase contracts

485,726

653,667

-

-

3,015,726

3,403,667

2,530,000

2,750,000

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

500,056

359,645

500,056

359,645

Bank overdrafts

953,429

1,007,228

-

-

Hire purchase contracts

305,993

340,628

-

-

1,759,478

1,707,501

500,056

359,645

Group

Bank borrowings

HSBC UK Bank plc loan is denominated in £ sterling with a nominal interest rate of base plus 1.74%, and the final instalment is due on 15 December 2026. The carrying amount at year end is £3,030,056 (2023 - £3,109,645).

Security given:

Unlimited Multilateral Guarantee given by Musgrave Holdings Limited and its operating subsidiary companies.

Debenture including Fixed Charge over all present freehold and leasehold properties. First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future.

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

1,650,000

1,870,000

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

25

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

309,638

336,903

Later than one year and not later than five years

491,299

653,662

800,937

990,565

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

483,944

340,042

Later than one year and not later than five years

1,441,728

417,345

Later than five years

526,500

-

2,452,172

757,387

The amount of non-cancellable operating lease payments recognised as an expense during the year was £505,420 (2023 - £399,773).

Company

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

38,838

47,224

Later than one year and not later than five years

25,896

85,654

64,734

132,878

The amount of non-cancellable operating lease payments recognised as an expense during the year was £48,507 (2023 - £162,940).

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

26

Dividends

   

2024

 

2023

   

£

 

£

Final dividend of £4.79 (2023 - £0.225) per ordinary share

 

2,904,973

 

136,454

27

Commitments

Group

Capital commitments

The group's development plans call for capital expenditure to enhance production capability and capacity.
The total amount contracted for but not provided in the financial statements was £575,000 (2023 - £1,120,000).

28

Related party transactions

Group

The group has taken advantage of the exception in FRS 102 "Related Party Disclosures" from disclosing transactions with its parent and subsidiary companies.

Summary of transactions with all entities with joint control or significant interest

Foundry Property Investments Limited The group leases property from Foundry Property Investments Limited.

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Leases

160,000

2023

Entities with joint control or significant influence
£

Leases

160,000

Company

 

Westley Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

28

Related party transactions (continued)

The company has taken advantage of the exception in FRS 102 "Related Party Disclosures" from disclosing transactions with its parent and subsidiary companies.

29

Parent and ultimate parent undertaking

The company's immediate parent is Musgrave Holdings Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is Musgrave Holdings Limited. These financial statements are available upon request from
Doulton Road
Cradley Heath
West Midlands
B64 5QS