REGISTERED NUMBER: 10325038 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
REGISTERED NUMBER: 10325038 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditor) |
Sovereign House |
12 Warwick Street |
Coventry |
CV5 6ET |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The director presents his strategic report of the company and the group for the year ended 30 June 2024. |
The principal activity of the group in the year under review was that of production and precision engineering of machined castings and assemblies. |
REVIEW AND ANALYSIS OF BUSINESS |
The group has performed well over this period with consistent margins and healthy levels of turnover following contract wins as outlined in last years report. Despite the ongoing challenges in the global economy via interest rates, energy costs and political changes, customer volumes have remained at a reasonable level and tight cost management along with high levels of operational performance have delivered another positive year for the business. |
The management look forward to the future with a high level of confidence and are investing in the business to secure its future success via a number of recently awarded customer contracts. |
The business has continued working with its newest group member Industrieel Toeleveringsbedrijf Goddeeris NV (Goddeeris Machining) in Belgium, as part of a strategic growth plan into Europe and risk mitigation for Brexit. Whilst significant challenges remain in the European marketplace, customer relationships are starting to deliver new business for the group for the coming years. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key risks and uncertainties affecting the group are considered to relate to competition from overseas suppliers, global demand for our customer products and raw material costs. The group is well positioned with a capable supply chain, strong workforce and management team and growing reserves to meet these challenges allowing continual investment into the future. |
Issues around Brexit have largely been resolved and this is no longer considered a major risk to the business. |
Inflationary costs via labour and energy pricing have been a major factor to manage in recent times but both have stabilised in 2024 and through into 2025. Legislative cost increases will be the largest impact in 2025 and this will be managed via cost reductions within the business and customer pricing increase. These measures should prevent any significant impact to the business' trading performance moving forward. |
FINANCIAL KEY PERFORMANCE INDICATORS |
Turnover for the year to 30 June 2024 had fallen by 5.7% compared to the year to 30 June 2023. The directors are satisfied with the overall level of turnover. |
The gross margin for 2024 of 27.1% is compared to last years margin of 26.3%. |
Operating profit is £3,769,245 compared to the prior year's £3,564,976. |
During the period under review, the group's net assets have increased from £16,543k to £19,021k and the group's closing cash balance was £5,675k compared to £5,638k at June 2023. |
OTHER KEY PERFORMANCE INDICATORS |
There are no significant non-financial key performance indicators which are relevant to understanding the position of the group. |
ON BEHALF OF THE BOARD: |
24 February 2025 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 JUNE 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
150.00 | - 22 September 2023 |
150.00 | - 28 September 2023 |
300.00 |
The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 30 June 2024 will be £ 300,000 . |
RESEARCH AND DEVELOPMENT |
The group is continuing to invest in research and development to provide class leading products to its customers that are at the forefront of innovation and the latest manufacturing methods. |
FUTURE DEVELOPMENTS |
The directors have assessed the liquidity requirements for the coming 12 months and have not identified any matters which would impact going concern. Liquidity is high in the business and this is expected to continue. The business has maintained profitability and strong cash generation since the post accounting year end. |
The company's operating results in 2024/2025 will depend on global economic conditions which remain a concern however healthy orders continue to be received and new orders are coming through, as companies review their supply chains. |
The company continues to focus on cost reduction and optimising production to meet current demand. The directors are confident that the fundamentals of the company's business give opportunities to explore long term growth and ongoing profitability in the future. |
DIRECTOR |
FINANCIAL INSTRUMENTS |
The group uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors, hire purchase, trade creditors, other creditors and inter-company loans that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The main risks arising from the group's financial instruments are credit risk, liquidity risk and interest rate risk. The directors agree policies for managing each of these risks and they are summarized below. The policies have remained unchanged from previous years. |
Credit risk |
In order to limit credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Debtor balances are reviewed on a regular basis in conjunction with debt ageing and collection history. |
Liquidity risk |
The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and by investing cash assets safely and profitably. |
Interest rate risk |
The group finances its operations through a mixture of retained profits, invoice discounting, hire purchase and related party loans. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 JUNE 2024 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Burrows Scarborough Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Woolley GMC Engineering Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company 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 Auditors' 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the company's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: |
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks; |
- enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; |
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the health and safety legislation, FRS 102, the Companies Act 2006 and tax law. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included: |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and assessing whether the judgements made in making accounting estimates are indicative of potential bias. |
- Enquiring of management around actual and potential litigation and claims, including health and safety. |
- Enquiring of company's staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. |
- Reviewing minutes of meetings of management. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
(Statutory Auditor) |
Sovereign House |
12 Warwick Street |
Coventry |
CV5 6ET |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 30,368,059 | 32,196,591 |
Cost of sales | 22,136,773 | 23,723,370 |
GROSS PROFIT | 8,231,286 | 8,473,221 |
Administrative expenses | 4,451,076 | 4,948,857 |
3,780,210 | 3,524,364 |
Other operating income | 21,529 | 40,612 |
OPERATING PROFIT | 5 | 3,801,739 | 3,564,976 |
Interest receivable and similar income | 99,772 | 10,498 |
3,901,511 | 3,575,474 |
Interest payable and similar expenses | 6 | 80,514 | 127,110 |
PROFIT BEFORE TAXATION | 3,820,997 | 3,448,364 |
Tax on profit | 7 | 1,043,430 | 809,390 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,777,567 |
2,638,974 |
Profit attributable to: |
Owners of the parent | 2,777,567 | 2,638,974 |
Total comprehensive income attributable to: |
Owners of the parent | 2,777,567 | 2,638,974 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | (20,606 | ) | (73,882 | ) |
Tangible assets | 12 | 3,461,316 | 4,186,721 |
Investments | 13 | - | - |
3,440,710 | 4,112,839 |
CURRENT ASSETS |
Stocks | 14 | 4,213,755 | 4,422,311 |
Debtors | 15 | 12,482,262 | 10,748,839 |
Cash at bank and in hand | 5,675,122 | 5,638,052 |
22,371,139 | 20,809,202 |
CREDITORS |
Amounts falling due within one year | 16 | 6,532,081 | 8,036,071 |
NET CURRENT ASSETS | 15,839,058 | 12,773,131 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
19,279,768 |
16,885,970 |
CREDITORS |
Amounts falling due after more than one year | 17 | (92,068 | ) | (123,471 | ) |
PROVISIONS FOR LIABILITIES | 21 | (167,182 | ) | (219,548 | ) |
NET ASSETS | 19,020,518 | 16,542,951 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 1,000 | 1,000 |
Merger reserve | 23 | 279,906 | 279,906 |
Retained earnings | 23 | 18,739,612 | 16,262,045 |
SHAREHOLDERS' FUNDS | 19,020,518 | 16,542,951 |
The financial statements were approved by the director and authorised for issue on 24 February 2025 and were signed by: |
C R F Shield - Director |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 300,000 | 800,000 |
The financial statements were approved by the director and authorised for issue on |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Merger | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 1,000 | 14,423,071 | 279,906 | 14,703,977 |
Changes in equity |
Dividends | - | (800,000 | ) | - | (800,000 | ) |
Total comprehensive income | - | 2,638,974 | - | 2,638,974 |
Balance at 30 June 2023 | 1,000 | 16,262,045 | 279,906 | 16,542,951 |
Changes in equity |
Dividends | - | (300,000 | ) | - | (300,000 | ) |
Total comprehensive income | - | 2,777,567 | - | 2,777,567 |
Balance at 30 June 2024 | 1,000 | 18,739,612 | 279,906 | 19,020,518 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,403,565 | 5,394,363 |
Interest paid | (70,097 | ) | (73,673 | ) |
Interest element of hire purchase payments paid |
(10,417 |
) |
(53,437 |
) |
Tax paid | (831,647 | ) | (742,477 | ) |
Net cash from operating activities | 3,491,404 | 4,524,776 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (227,462 | ) | (963,109 | ) |
Sale of tangible fixed assets | 129,346 | 45,961 |
Interest received | 99,772 | 10,498 |
Net cash from investing activities | 1,656 | (906,650 | ) |
Cash flows from financing activities |
Loan repayments in year | (509,002 | ) | (131,089 | ) |
Related party loan repayments received | - | 700,000 |
New hire purchase loans | - | 709,819 |
Capital repayments in year | (332,355 | ) | (1,140,701 | ) |
Amount withdrawn by directors | (273,963 | ) | - |
Government grants | 692 | 12,141 |
Related party loans made | (2,041,362 | ) | (500,000 | ) |
Equity dividends paid | (300,000 | ) | (800,000 | ) |
New bank loans in the year | - | 162,235 |
Net cash from financing activities | (3,455,990 | ) | (987,595 | ) |
Increase in cash and cash equivalents | 37,070 | 2,630,531 |
Cash and cash equivalents at beginning of year |
2 |
5,638,052 |
3,007,521 |
Cash and cash equivalents at end of year | 2 | 5,675,122 | 5,638,052 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 3,820,997 | 3,448,364 |
Depreciation charges | 849,950 | 816,471 |
Profit on disposal of fixed assets | (89,118 | ) | (45,961 | ) |
Exchange rate movements | 9,413 | (7,694 | ) |
Government grants | (692 | ) | (12,141 | ) |
Finance costs | 80,514 | 127,110 |
Finance income | (99,772 | ) | (10,498 | ) |
4,571,292 | 4,315,651 |
Decrease in stocks | 208,556 | 116,324 |
Decrease in trade and other debtors | 512,350 | 127,543 |
(Decrease)/increase in trade and other creditors | (888,633 | ) | 834,845 |
Cash generated from operations | 4,403,565 | 5,394,363 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 5,675,122 | 5,638,052 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 5,638,052 | 3,007,521 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,638,052 | 37,070 | 5,675,122 |
5,638,052 | 37,070 | 5,675,122 |
Debt |
Finance leases | (424,423 | ) | 332,355 | (92,068 | ) |
Debts falling due within 1 year | (1,377,803 | ) | 478,920 | (898,883 | ) |
Debts falling due after 1 year | (30,082 | ) | 30,082 | - |
(1,832,308 | ) | 841,357 | (990,951 | ) |
Total | 3,805,744 | 878,427 | 4,684,171 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Woolley GMC Engineering Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the group in the year under review was that of production and precision engineering of machined castings and assemblies. The company's principal place of business is 169 Torrington Avenue, Coventry, CV4 9AP. |
The accounts are rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Group accounting policies (see below). |
The company owns 100% of the issued share capital of the subsidiary companies listed below. The registered office of each of these subsidiaries is 365 Fosse Way, Syston, Leicestershire, LE7 1NL, with the exception of Industrieel Toeleveringsbedrijf Goddeeris NV, a company registered in Belgium whose registered office is Moorseelsesteenweg 206 A, 8800, Roeselare, Rumbeke. |
The company's subsidiaries have been consolidated as follows: |
Year to 30th June 2024 | Year to 30th June 2023 |
Woolley GMC Engineering Company Limited | - for the full year | - for the full year |
O.L.D. Engineering Company Limited | - for the full year | - for the full year |
Industrieel Toeleveringsbedrijf Goddeeris NV | - for the full year | - for the full year |
The following principal accounting policies have been applied: |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
Significant judgements and estimates |
Many of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in these accounting policies and/or the notes to the financial statements and the key areas are summarized below: |
Judgements in applying accounting policies |
The directors must judge whether all the conditions required for turnover to be recognised in the profit and loss account of the financial year, as set out in the Turnover accounting policy, have been met. |
Sources of estimation uncertainty |
Depreciation rates are based on estimates of the useful lives and residual values of the assets involved (see the Tangible fixed assets accounting policy). Slow moving stock provisions are based on estimates of the likely recoverable amounts (see the Stocks accounting policy). Trade debtors are stated after making provision for an estimate of the irrecoverable debts. |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. Turnover is recognised on despatch of goods. |
Goodwill |
Negative goodwill, being the net asset value in excess of the amount paid in connection with businesses in 2018 and 2020 is being amortised evenly over its estimated unwinding period of five years. |
Intangible assets |
Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Development costs and computer software are being amoritsed evenly over their estimated useful life of five years. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their expected residual value over their estimated useful lives, on the following basis: |
Freehold property - 5% on cost and 15/20% reducing balance |
Long leasehold property - 1.33% on cost |
Short leasehold property - 10% on cost |
Plant & machinery - 7 years on cost and 10% on cost |
Motor vehicles - 30% reducing balance and 10-20% on cost |
Fixtures & fittings - 7 years on cost and 20% on cost |
Computer equipment - 3 years on cost |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. |
Financial instruments |
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors, loans from third parties and loans to and from related parties. |
Debt instruments that are payable or receivable within one year (which includes all debt instruments included in the financial statements) are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is charged to the Profit and Loss Account in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
The amount recognised in the profit & loss account as an expense for defined contribution pension plans is shown in the 'Employees and Directors' note. |
When employees have rendered service to the group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Government grants |
Revenue Government grants receivable, which relate to revenue grants receivable from the Belgian government, are recognised in the period to which they relate. |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 26,150,784 | 22,848,831 |
Europe | 3,642,881 | 8,683,405 |
Rest of the world | 574,394 | 664,355 |
30,368,059 | 32,196,591 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 5,333,010 | 5,637,703 |
Social security costs | 342,354 | 521,404 |
Other pension costs | 99,555 | 105,463 |
5,774,919 | 6,264,570 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production staff | 123 | 127 |
Office and management | 28 | 30 |
Directors | 1 | 1 |
2024 | 2023 |
£ | £ |
Director's remuneration | 84,902 | 83,408 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 26,829 | 28,104 |
Depreciation - owned assets | 903,306 | 717,149 |
Depreciation - assets on hire purchase contracts | - | 226,590 |
Profit on disposal of fixed assets | (89,118 | ) | (45,961 | ) |
Goodwill amortisation | (57,049 | ) | (148,854 | ) |
Development costs amortisation | - | 15,720 |
Computer software amortisation | 3,691 | 5,866 |
Auditors' remuneration | 29,602 | 34,191 |
Foreign exchange differences | 9,205 | 17,889 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 61,487 | 67,033 |
Other interest | 8,610 | 6,640 |
Hire purchase | 10,417 | 53,437 |
80,514 | 127,110 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 1,109,600 | 627,956 |
Prior year adjustment | (13,804 | ) | (15,821 | ) |
Total current tax | 1,095,796 | 612,135 |
Deferred tax | (52,366 | ) | 197,255 |
Tax on profit | 1,043,430 | 809,390 |
UK corporation tax has been charged at 25 % (2023 - 20.49 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 3,820,997 | 3,448,364 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.490 %) |
955,249 |
706,570 |
Effects of: |
Expenses not deductible for tax purposes | 1,424 | - |
Depreciation on assets not subject to capital allowances | 4,052 | 3,314 |
Adjustment re prior period | (15,766 | ) | (15,829 | ) |
Deferred tax asset not recognised on losses | 112,734 | 143,924 |
No tax effect of consolidated goodwill amortisation | (14,263 | ) | (30,500 | ) |
No tax effect of exchange rate difference on consolidation | - | (241 | ) |
Enhanced capital allowances | - | (39,491 | ) |
Effects in change in deferred tax rates | - | 41,643 |
Total tax charge | 1,043,430 | 809,390 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | TAXATION - continued |
The deferred tax credit of £52,366 (2023 charge of £197,255) relates to the origination and reversal of timing differences on accelerated capital allowances. |
Deferred tax is included in the balance sheet is as follows: |
30.06.24 | 30.06.23 |
£ | £ |
Included in provisions for liabilities (note 21) | 167,182 | 219,548 |
Consisting of: |
Accelerated capital allowances | 167,182 | 219,548 |
The expectation is that accelerated capital allowances of £60,500 will reverse in the next financial year. This consists of the tax on depreciation that will be charged in excess of capital allowances to be claimed in the year to 30th June 2025 on the specific assets on the balance sheet at 30th June 2024 that are eligible for capital allowances. |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 300,000 | 800,000 |
10. | GOVERNMENT GRANTS |
Government grants received amounting to £692 (2023 £12,141) are grants received from the Belgian government. |
11. | INTANGIBLE FIXED ASSETS |
Group |
Development | Computer |
Goodwill | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | (744,262 | ) | 195,755 | 28,591 | (519,916 | ) |
Exchange differences | - | - | (82 | ) | (82 | ) |
At 30 June 2024 | (744,262 | ) | 195,755 | 28,509 | (519,998 | ) |
AMORTISATION |
At 1 July 2023 | (664,647 | ) | 195,755 | 22,858 | (446,034 | ) |
Amortisation for year | (57,049 | ) | - | 3,691 | (53,358 | ) |
At 30 June 2024 | (721,696 | ) | 195,755 | 26,549 | (499,392 | ) |
NET BOOK VALUE |
At 30 June 2024 | (22,566 | ) | - | 1,960 | (20,606 | ) |
At 30 June 2023 | (79,615 | ) | - | 5,733 | (73,882 | ) |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | INTANGIBLE FIXED ASSETS - continued |
Group |
Goodwill relates to negative goodwill on consolidation. Development costs and computer software relate to separately identifiable assets acquired as part of the acquisition of Industrieel Toeleveringsbedrijf Goddeeris NV. |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Long | Plant and |
property | leasehold | leasehold | machinery |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 75,505 | 232,895 | 782,340 | 12,829,590 |
Additions | - | - | - | 2,998 |
Disposals | - | - | - | (138,500 | ) |
Exchange differences | (498 | ) | - | - | (8,374 | ) |
Reclassification/transfer | - | - | - | - |
At 30 June 2024 | 75,007 | 232,895 | 782,340 | 12,685,714 |
DEPRECIATION |
At 1 July 2023 | 40,405 | 206,634 | 88,144 | 9,507,913 |
Charge for year | 6,818 | 10,404 | 16,206 | 836,077 |
Eliminated on disposal | - | - | - | (138,000 | ) |
Reclassification/transfer | - | - | - | - |
At 30 June 2024 | 47,223 | 217,038 | 104,350 | 10,205,990 |
NET BOOK VALUE |
At 30 June 2024 | 27,784 | 15,857 | 677,990 | 2,479,724 |
At 30 June 2023 | 35,100 | 26,261 | 694,196 | 3,321,677 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 617,574 | 89,572 | 50,419 | 14,677,895 |
Additions | 187,325 | 36,483 | 656 | 227,462 |
Disposals | (33,660 | ) | (34,333 | ) | (4,289 | ) | (210,782 | ) |
Exchange differences | (461 | ) | - | - | (9,333 | ) |
Reclassification/transfer | 55,165 | - | - | 55,165 |
At 30 June 2024 | 825,943 | 91,722 | 46,786 | 14,740,407 |
DEPRECIATION |
At 1 July 2023 | 538,590 | 57,813 | 51,675 | 10,491,174 |
Charge for year | 22,904 | 9,469 | 1,428 | 903,306 |
Eliminated on disposal | (6,732 | ) | (21,533 | ) | (4,289 | ) | (170,554 | ) |
Reclassification/transfer | 55,165 | - | - | 55,165 |
At 30 June 2024 | 609,927 | 45,749 | 48,814 | 11,279,091 |
NET BOOK VALUE |
At 30 June 2024 | 216,016 | 45,973 | (2,028 | ) | 3,461,316 |
At 30 June 2023 | 78,984 | 31,759 | (1,256 | ) | 4,186,721 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 July 2023 | 187,752 |
Transfer to ownership | (286,358 | ) |
Reclassification/transfer | 98,606 |
At 30 June 2024 | - |
DEPRECIATION |
At 1 July 2023 | (148,514 | ) |
Transfer to ownership | 104,042 |
Reclassification/transfer | 44,472 |
At 30 June 2024 | - |
NET BOOK VALUE |
At 30 June 2024 | - |
At 30 June 2023 | 336,266 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The company directly owns 100% of the issued share capital of subsidiary companies Woolley GMC Engineering Company Limited, O.L.D. Engineering Company Limited and Industrieel Toeleveringsbedrijf Goddeeris NV. The registered office of each of these subsidiaries is 365 Fosse Way, Syston, Leicestershire, LE7 1NL, with the exception of Industrieel Toeleveringsbedrijf Goddeeris NV, a company registered in Belgium whose registered office is Moorseelsesteenweg 206 A, 8800, Roeselare, Rumbeke. |
All of these subsidiaries are involved in the production and precision engineering of machined castings and assemblies. |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Raw materials and consumables | 1,532,499 | 2,080,791 |
Work-in-progress | 1,272,096 | 1,442,428 |
Finished goods | 1,409,160 | 899,092 |
4,213,755 | 4,422,311 |
The replacement cost of stocks is not materially different from the value stated above. |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 5,805,794 | 6,254,229 |
Amounts owed by group undertakings | - | - |
Other debtors | 974 | 14,014 |
Loans to related parties | 6,114,833 | 4,073,471 | - | - |
Directors' current accounts | 273,963 | - | - | - |
Tax | 24,731 | 94,283 |
Prepayments | 261,967 | 312,842 |
12,482,262 | 10,748,839 |
Trade debtors includes £571,118 which has been subject to factoring arrangements. |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 18) | 898,883 | 1,377,803 |
Hire purchase contracts (see note 19) | - | 331,034 |
Trade creditors | 3,364,266 | 4,082,451 |
Tax | 360,656 | 166,059 |
Social security and other taxes | 920,319 | 856,866 |
Other creditors | 90,122 | 116,187 |
Loans from related parties | 325,751 | 325,751 |
Accruals and deferred income | 572,084 | 779,920 |
6,532,081 | 8,036,071 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 18) | - | 30,082 |
Hire purchase contracts (see note 19) | 92,068 | 93,389 |
92,068 | 123,471 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 898,883 | 1,377,803 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | - | 30,082 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | - | 331,034 |
Between one and five years | 92,068 | 93,389 |
92,068 | 424,423 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 261,395 | 177,104 |
Between one and five years | 1,154,984 | 286,258 |
In more than five years | 1,434,101 | 767,104 |
2,850,480 | 1,230,466 |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 898,883 | 1,407,885 |
Hire purchase contracts | 92,068 | 424,423 |
990,951 | 1,832,308 |
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned. |
An unlimited debenture dated 11th March 2003 incorporating a fixed and floating charge over the assets of Woolley GMC Engineering Company Limited was granted in favour of Lloyds TSB Commercial Finance, which was extended with a chattel mortgage on 24th March 2004. |
A mortgage over specific items of Woolley GMC Engineering Company Limited's plant & machinery was granted in favour of Lloyds Bank plc on 20th July 2018. |
Composite Company Unlimited Multilateral Guarantee dated 12 January 2011 given by O.L.D Engineering Company Limited with HSBC UK. |
KBC bank hold a fixed and floating charge on property owned by Industrieel Toeleveringsbedrijf Goddeeris NV up to a value of EUR1,350,000. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 167,182 | 219,548 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 219,548 |
Credit to Statement of Comprehensive Income during year | (52,366 | ) |
Balance at 30 June 2024 | 167,182 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
The Ordinary shares carry full voting rights and full capital participation on sale or winding up of the company. The dividend rights on the Ordinary shares are at the directors discretion. There are no restrictions or specific preferences on the Ordinary shares. |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
23. | RESERVES |
Group |
Retained | Merger |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 16,262,045 | 279,906 | 16,541,951 |
Profit for the year | 2,777,567 | 2,777,567 |
Dividends | (300,000 | ) | (300,000 | ) |
At 30 June 2024 | 18,739,612 | 279,906 | 19,019,518 |
Company |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
Merger reserve |
The merger reserve represents the difference between the parent company's cost of investment and the shares capital and share premium of Woolley GMC Engineering Company Limited, created during the group reorganisation in 2016. |
Profit & loss account |
This includes current and prior retained profits and losses of the group. |
24. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £99,555 (2023 £105,463). |
Contributions were outstanding to the pension scheme at 30 June 2024 £6,546 (2023 £6,970). |
25. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 141,808 | - |
WOOLLEY GMC ENGINEERING HOLDINGS LIMITED (REGISTERED NUMBER: 10325038) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
26. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
C R F Shield |
Balance outstanding at start of year | - | - |
Amounts advanced | 273,963 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 273,963 | - |
No interest is payable on this loan. The loan is repayable on demand. |
27. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £300,000 were paid to the director . |
Other related parties represent other entities under the control of C R F Shield. |
Other related parties |
2024 | 2023 |
£ | £ |
Sales | 1,485,021 | 524,011 |
Purchases | 488,153 | 386,193 |
Amount due from related party | 3,109,177 | 3,789,996 |
Amount due to related party | 380,789 | 396,244 |
During the year, a total of key management personnel compensation of £ 336,019 (2023 - £ 441,065 ) was paid. |
28. | ULTIMATE CONTROLLING PARTY |
The controlling party is C R F Shield. |