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REGISTERED NUMBER: 02811275 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Wintech Group Limited

Wintech Group Limited (Registered number: 02811275)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Wintech Group Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr C Abela
Mr I R Davis
Mr C J Macey
Mr P N Savidge
Mr J D Smith
Mr D S Watabiki
Mr A D Skipp





SECRETARY: Mr J A Macey





REGISTERED OFFICE: Quartz House
Pendeford Business Park
Wolverhampton
West Midlands
WV9 5HA





REGISTERED NUMBER: 02811275 (England and Wales)





AUDITORS: TAG Assurance Services Limited
Chartered Accountants and
Registered Auditors
8 Pendeford Place
Pendeford Business Park
Wolverhampton
West Midlands
WV9 5HD

Wintech Group Limited (Registered number: 02811275)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

Principal Activity
The principal activity of the group in the year under review was that of facade engineering consultants.


Business review and future developments
Overview- Turnover for the year increased to £10,350,205 (2023 £8,692,605). Operating profit decreased to £1,577,105 (2023 £2,483,608).

The groups continued investment in additional resources in the year is expected to yield increased returns in 2024 and beyond.

The Building Safety Act 2022 provides increased opportunities for the group due to the heightened profile and complexity of facade compliance to achieve government net zero targets.

These opportunities are in relation to both new build and remediation opportunities, new build project engagements of both commercial and residential properties continue to grow.

On the 5th July 2024 the group acquired Structural Design Consulting Engineers Limited, a structural design consultancy.

Strategy
The group strategy is to provide a holistic approach to Façade Engineering, Sustainability, Fire Engineering, MEP and Structural Consultancy and to grow the business both organically and by acquisition.

Corporate Social Responsibility
The Group recognises the importance of balancing the interest of key stakeholders - employees, customers, shareholders, suppliers and the wider community in which it operates. The Group remains committed to a continuous improvement in its environmental performance to ensure that its activities comply with the latest environmental standards and legislation.

Health and Safety
Health and safety remains core to all of the Groups businesses. The Group is committed to a continuous improvement in its health and safety performance and compliance with health and safety standards and legislation.


Principal Risks and Uncertainties
The Board continues to develop policies and procedures that reflect the nature and scale of the Group's business. These are designed to identify, mitigate and manage risk.

The group operates under significant laws and regulations that govern the continued trade and operations. The principal risk to the business are changes to these laws and regulations. It is of foremost concern to the directors therefore to ensure that the business operates within its legal constraints.

Liquidity and cashflow
The directors regularly review the businesses performance and cashflow, together with forecasts, buying and stock requirements. They consider the company has adequate headroom for the foreseeable future, ensuring adequate reserves are in place at all times.

Interest risk
The company has minimal exposure to interest risk due to its low requirement on debt financing.

Credit risk
The company ensures that the vetting process for customers is robust and adhered to, including credit checking where necessary. Trade debtors are closely monitored on an ongoing basis, reducing the exposure to minimal.


Wintech Group Limited (Registered number: 02811275)

Group Strategic Report
for the Year Ended 31 March 2024


Going Concern
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the business, its cash flows, liquidity position and borrowing facilities are regularly reviewed by the Board of Directors.

The Group has considerable financial resources together with a healthy order book across all businesses.

As a consequence, the Directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The Directors have a reasonable expectation that the business has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

ON BEHALF OF THE BOARD:





Mr P N Savidge - Director


21 March 2025

Wintech Group Limited (Registered number: 02811275)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of building design engineering consultants for the built environment.

DIVIDENDS
An interim dividend of 2.239 per share on the Ordinary 1p shares was paid on 30 November 2023. The directors recommend that no final dividend be paid on these shares.

An interim dividend of 2.239 per share on the Ordinary B 1p shares was paid on 30 November 2023. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2024 will be £1,299,833 (2023 - £508,467).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

Mr C Abela
Mr I R Davis
Mr C J Macey
Mr P N Savidge
Mr J D Smith

Other changes in directors holding office are as follows:

Mr D S Watabiki - appointed 1 April 2023

Mr A D Skipp was appointed as a director after 31 March 2024 but prior to the date of this report.

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

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

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

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

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

Wintech Group Limited (Registered number: 02811275)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
The auditors, TAG Assurance Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr P N Savidge - Director


21 March 2025

Report of the Independent Auditors to the Members of
Wintech Group Limited (Registered number: 02811275)

Opinion
We have audited the financial statements of Wintech Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 31 March 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report.

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

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

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

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

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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 Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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.

Report of the Independent Auditors to the Members of
Wintech Group Limited (Registered number: 02811275)


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

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Wintech Group Limited (Registered number: 02811275)


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.

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

- We 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.
- We review financial statement disclosures and undertake testing to supporting documentation to assess compliance with applicable laws and regulations.
- We perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business.
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- We enquire of management around actual and potential litigation and claims;
- We conclude on the appropriateness of management's 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 Company's ability to continue as a going concern.

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.

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 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 Report of the Auditors 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 Report of the Auditors. 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 and opinion on the consolidated financial statements.

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.

Report of the Independent Auditors to the Members of
Wintech Group Limited (Registered number: 02811275)


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.




Shaun Philpott FCA (Senior Statutory Auditor)
for and on behalf of TAG Assurance Services Limited
Chartered Accountants and
Registered Auditors
8 Pendeford Place
Pendeford Business Park
Wolverhampton
West Midlands
WV9 5HD

21 March 2025

Wintech Group Limited (Registered number: 02811275)

Consolidated
Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 10,350,205 8,665,831

Cost of sales 4,994,086 3,383,983
GROSS PROFIT 5,356,119 5,281,848

Administrative expenses 3,966,938 2,973,155
1,389,181 2,308,693

Other operating income 187,924 174,915
OPERATING PROFIT 5 1,577,105 2,483,608

Interest receivable and similar income 13,185 2,571
1,590,290 2,486,179
Amounts written off investments 6 (2,061 ) (6,282 )
1,592,351 2,492,461

Interest payable and similar expenses 7 3,744 5,350
PROFIT BEFORE TAXATION 1,588,607 2,487,111

Tax on profit 8 497,611 430,462
PROFIT FOR THE FINANCIAL YEAR 1,090,996 2,056,649
Profit attributable to:
Owners of the parent 1,090,996 2,056,649

Wintech Group Limited (Registered number: 02811275)

Consolidated
Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,090,996 2,056,649


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,090,996

2,056,649

Total comprehensive income attributable to:
Owners of the parent 1,090,996 2,056,649

Wintech Group Limited (Registered number: 02811275)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 1,023,945 13,775
Tangible assets 12 1,991,529 1,844,182
Investments 13 1,158,520 1,150,185
4,173,994 3,008,142

CURRENT ASSETS
Debtors 14 3,798,580 3,060,048
Cash at bank and in hand 1,634,523 2,796,393
5,433,103 5,856,441
CREDITORS
Amounts falling due within one year 15 2,050,422 1,381,562
NET CURRENT ASSETS 3,382,681 4,474,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,556,675

7,483,021

CREDITORS
Amounts falling due after more than one
year

16

(358,882

)

(76,391

)

PROVISIONS FOR LIABILITIES 20 (50,000 ) (50,000 )
NET ASSETS 7,147,793 7,356,630

CAPITAL AND RESERVES
Called up share capital 21 5,805 5,805
Capital redemption reserve 22 745 745
Retained earnings 22 7,141,243 7,350,080
SHAREHOLDERS' FUNDS 7,147,793 7,356,630

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





Mr P N Savidge - Director


Wintech Group Limited (Registered number: 02811275)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 12,033 13,775
Tangible assets 12 268,041 298,514
Investments 13 3,172,143 1,151,085
3,452,217 1,463,374

CURRENT ASSETS
Debtors 14 3,270,450 3,097,587
Cash at bank 1,002,097 1,679,862
4,272,547 4,777,449
CREDITORS
Amounts falling due within one year 15 1,378,547 176,828
NET CURRENT ASSETS 2,894,000 4,600,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,346,217

6,063,995

CREDITORS
Amounts falling due after more than one
year

16

(354,375

)

(18,971

)

PROVISIONS FOR LIABILITIES 20 (50,000 ) (50,000 )
NET ASSETS 5,941,842 5,995,024

CAPITAL AND RESERVES
Called up share capital 21 5,805 5,805
Capital redemption reserve 22 745 745
Retained earnings 22 5,935,292 5,988,474
SHAREHOLDERS' FUNDS 5,941,842 5,995,024

Company's profit for the financial year 1,246,651 1,929,706

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





Mr P N Savidge - Director


Wintech Group Limited (Registered number: 02811275)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 5,930 5,802,023 620 5,808,573

Changes in equity
Reduction in share capital (125 ) (125 ) 125 (125 )
Dividends - (508,467 ) - (508,467 )
Total comprehensive income - 2,056,649 - 2,056,649
Balance at 31 March 2023 5,805 7,350,080 745 7,356,630

Changes in equity
Dividends - (1,299,833 ) - (1,299,833 )
Total comprehensive income - 1,090,996 - 1,090,996
Balance at 31 March 2024 5,805 7,141,243 745 7,147,793

Wintech Group Limited (Registered number: 02811275)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 5,930 4,567,360 620 4,573,910

Changes in equity
Reduction in share capital (125 ) (125 ) 125 (125 )
Dividends - (508,467 ) - (508,467 )
Total comprehensive income - 1,929,706 - 1,929,706
Balance at 31 March 2023 5,805 5,988,474 745 5,995,024

Changes in equity
Dividends - (1,299,833 ) - (1,299,833 )
Total comprehensive income - 1,246,651 - 1,246,651
Balance at 31 March 2024 5,805 5,935,292 745 5,941,842

Wintech Group Limited (Registered number: 02811275)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,338,333 2,277,883
Interest paid (3,744 ) (5,350 )
Tax paid (414,488 ) (270,600 )
Net cash from operating activities 920,101 2,001,933

Cash flows from investing activities
Purchase of intangible fixed assets (1,176,948 ) -
Purchase of tangible fixed assets (265,350 ) (182,856 )
Purchase of fixed asset investments (8,335 ) (150,185 )
Sale of tangible fixed assets 1 6,654
Interest received 13,185 2,571
Net cash from investing activities (1,437,447 ) (323,816 )

Cash flows from financing activities
New loans in year 708,750 -
Loan repayments in year (50,795 ) (48,774 )
Amount introduced by directors - 2,511
Amount withdrawn by directors (2,646 ) -
Share buyback - (125 )
Equity dividends paid (1,299,833 ) (508,467 )
Net cash from financing activities (644,524 ) (554,855 )

(Decrease)/increase in cash and cash equivalents (1,161,870 ) 1,123,262
Cash and cash equivalents at beginning
of year

2

2,796,393

1,673,131

Cash and cash equivalents at end of year 2 1,634,523 2,796,393

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

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

2024 2023
£    £   
Profit before taxation 1,588,607 2,487,111
Depreciation charges 270,837 88,941
Loss on disposal of fixed assets 13,943 5,695
Finance costs 3,744 5,350
Finance income (13,185 ) (2,571 )
1,863,946 2,584,526
Increase in trade and other debtors (738,397 ) (245,997 )
Increase/(decrease) in trade and other creditors 212,784 (60,646 )
Cash generated from operations 1,338,333 2,277,883

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 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,634,523 2,796,393
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,796,393 1,673,131


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 2,796,393 (1,161,870 ) 1,634,523
2,796,393 (1,161,870 ) 1,634,523
Debt
Debts falling due within 1 year (50,795 ) (2,118 ) (52,913 )
Debts falling due after 1 year (57,420 ) 52,913 (4,507 )
(108,215 ) 50,795 (57,420 )
Total 2,688,178 (1,111,075 ) 1,577,103

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Wintech Group 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 (£).


All monetary amounts are rounded to the nearest pound.

2. ACCOUNTING POLICIES

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

Going Concern
The financial statements have been prepared on a going concern basis.

Basis of consolidation
The consolidated financial statements incorporate those of Wintech Group Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 March 2024.

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

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

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the period following acquisition date.

Judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as followers.

Rendering of services

Revenue is derived from the value of work performed during the period either on a percentage of completion for completed works or costs incurred on the contracted work ongoing across the year end.

If any project is forecast to make a loss, the loss is provided for in full at the year end.

Interest Income

Interest is recognised when the company has the right to receive calculated on a time apportionment basis using the effective rate of interest.

Dividend Income

Dividend Income is recognised when the company has the right to receive payment.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - in accordance with the property
Plant and machinery - 25% on reducing balance, 4% on cost and 2% on cost
Fixtures and fittings - 25% on reducing balance and 25% on cost
Computer equipment - 33% on reducing balance, 25% on reducing balance and 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investments in subsidiary undertakings are recognised at cost. These are subject to a fair value adjustment periodically.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the income statement.

Financial assets and liabilities
All financial assets and liabilities are initially measures at transaction price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transactions costs).


Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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 profit or loss on a straight line basis over the period of the lease.

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.

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

Trade creditors and amounts owed to group undertakings
Trade creditors and amounts owed to group undertakings are classified as current liabilities if the company 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 amounts falling due after more than one year.

Equity instruments
Equity instruments are measured at 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.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Engineering Consultancy 10,350,205 8,665,831
10,350,205 8,665,831

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,161,212 2,868,577
Social security costs 619,271 448,892
Other pension costs 187,796 154,442
3,968,279 3,471,911

The average number of employees during the year was as follows:
2024 2023

Directors 6 7
Direct 68 55
Indirect 34 30
108 92

The average number of employees by undertakings that were proportionately consolidated during the year was 108 (2023 - 92 ) .

2024 2023
£    £   
Directors' remuneration 802,745 547,155

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 206,376 178,461

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 260,214 55,959
Depreciation - owned assets 104,059 87,040
Loss on disposal of fixed assets 13,943 5,695
Goodwill amortisation 165,036 -
Patents and licences amortisation 1,742 1,900
Auditors' remuneration 20,600 25,023
Foreign exchange differences 1,367 105

6. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Fair value adjustment (2,061 ) (6,282 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 3,744 5,350

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

8. 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 497,798 423,462
Overprovision in previous year (187 ) -
Total current tax 497,611 423,462

Deferred tax - 7,000
Tax on profit 497,611 430,462

UK corporation tax has been charged at 25 % (2023 - 19 %).

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 1,588,607 2,487,111
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

397,152

472,551

Effects of:
Expenses not deductible for tax purposes 30,103 64,287
Depreciation in excess of capital allowances 70,356 -
Research & Development - (106,376 )

Total tax charge 497,611 430,462

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1p each
Interim 1,299,833 508,467

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

11. INTANGIBLE FIXED ASSETS

Group
Patents
and Development
Goodwill licences costs Totals
£    £    £    £   
COST
At 1 April 2023 - 19,000 10,313 29,313
Additions 1,176,948 - - 1,176,948
At 31 March 2024 1,176,948 19,000 10,313 1,206,261
AMORTISATION
At 1 April 2023 - 5,225 10,313 15,538
Amortisation for year 165,036 1,742 - 166,778
At 31 March 2024 165,036 6,967 10,313 182,316
NET BOOK VALUE
At 31 March 2024 1,011,912 12,033 - 1,023,945
At 31 March 2023 - 13,775 - 13,775

Company
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 19,000 10,313 29,313
AMORTISATION
At 1 April 2023 5,225 10,313 15,538
Amortisation for year 1,742 - 1,742
At 31 March 2024 6,967 10,313 17,280
NET BOOK VALUE
At 31 March 2024 12,033 - 12,033
At 31 March 2023 13,775 - 13,775

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2023 - 1,526,883 42,171
Additions - 140,885 1
Disposals - - -
Acquisition additions 15,092 - 4,301
At 31 March 2024 15,092 1,667,768 46,473
DEPRECIATION
At 1 April 2023 - 8,326 8,546
Charge for year 800 1,569 1,972
Eliminated on disposal - - -
Acquisition additions 12,081 - 488
At 31 March 2024 12,881 9,895 11,006
NET BOOK VALUE
At 31 March 2024 2,211 1,657,873 35,467
At 31 March 2023 - 1,518,557 33,625

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 467,824 405,415 2,442,293
Additions 9,452 99,257 249,595
Disposals (27,730 ) (81,780 ) (109,510 )
Acquisition additions 16,687 45,849 81,929
At 31 March 2024 466,233 468,741 2,664,307
DEPRECIATION
At 1 April 2023 362,102 219,137 598,111
Charge for year 21,502 78,216 104,059
Eliminated on disposal (23,646 ) (71,920 ) (95,566 )
Acquisition additions 14,408 39,197 66,174
At 31 March 2024 374,366 264,630 672,778
NET BOOK VALUE
At 31 March 2024 91,867 204,111 1,991,529
At 31 March 2023 105,722 186,278 1,844,182

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 14,970 467,824 405,883 888,677
Additions - 1,645 76,875 78,520
Disposals - (27,730 ) (81,740 ) (109,470 )
At 31 March 2024 14,970 441,739 401,018 857,727
DEPRECIATION
At 1 April 2023 8,456 362,102 219,605 590,163
Charge for year 1,629 19,386 73,894 94,909
Eliminated on disposal - (23,646 ) (71,740 ) (95,386 )
At 31 March 2024 10,085 357,842 221,759 589,686
NET BOOK VALUE
At 31 March 2024 4,885 83,897 179,259 268,041
At 31 March 2023 6,514 105,722 186,278 298,514

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 April 2023 1,150,185
Additions 8,335
At 31 March 2024 1,158,520
NET BOOK VALUE
At 31 March 2024 1,158,520
At 31 March 2023 1,150,185

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

13. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2023 900 1,150,185 1,151,085
Additions 2,012,923 8,335 2,021,258
Disposals (100 ) - (100 )
Impairments (200 ) - (200 )
At 31 March 2024 2,013,523 1,158,520 3,172,043
PROVISIONS

Eliminated on disposal (100 ) - (100 )
At 31 March 2024 (100 ) - (100 )
NET BOOK VALUE
At 31 March 2024 2,013,623 1,158,520 3,172,143
At 31 March 2023 900 1,150,185 1,151,085

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Kingswood Lakeside Developments Limited
Registered office:
Nature of business: Group property holding company
%
Class of shares: holding
Ordinary 100.00

Wintech Limited
Registered office:
Nature of business: Facade Engineering Consultants
%
Class of shares: holding
Ordinary 100.00

Wintech FE Ltd
Registered office:
Nature of business: Facade Engineering Consultants
%
Class of shares: holding
Ordinary 100.00

Wintech Engineering Limited
Registered office:
Nature of business: Facade Engineering Consultants
%
Class of shares: holding
Ordinary 100.00

Wintech Resources Limited
Registered office:
Nature of business: Facade Engineering Consultants
%
Class of shares: holding
Ordinary 100.00

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

13. FIXED ASSET INVESTMENTS - continued

Wintech Building Services Limited
Registered office:
Nature of business: Building Consultants
%
Class of shares: holding
Ordinary 100.00

Wintech Facade & Design Engineering Limited
Registered office:
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00


At 31 March 2024, all undertakings are held directly by Wintech Group Limited and are incorporated in England and Wales.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,330,405 2,735,328 - -
Amounts owed by group undertakings - - 3,101,168 2,938,956
Other debtors 86,631 71,782 12,245 15,306
Directors' current accounts 135 - - -
Prepayments and accrued income 381,409 252,938 157,037 143,325
3,798,580 3,060,048 3,270,450 3,097,587

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 52,913 50,795 - -
Trade creditors 207,594 190,276 78,227 102,410
Amounts owed to group undertakings - - 847,532 29,740
Amounts owed to participating interests 20 - - -
Tax 513,239 430,116 66,085 21,336
Social security and other taxes 155,338 120,325 - -
Pensions Payable 47,295 - - -
VAT 355,224 356,471 5,731 1,375
Other creditors 24,887 15,604 12,107 1,017
Deferred Consideration 354,375 - 354,375 -
Directors' current accounts - 2,511 - -
Accruals and deferred income 339,537 215,464 14,490 20,950
2,050,422 1,381,562 1,378,547 176,828

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 4,507 57,420 - -
Deferred Consideration 354,375 - 354,375 -
Accruals and deferred income - 18,971 - 18,971
358,882 76,391 354,375 18,971

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

17. 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 52,913 50,795
Amounts falling due between one and two years:
Bank loans - 1-2 years 4,507 57,420

The bank loan outstanding at the year end is £57,420 (2023 - £108,215). The loan is repayable in equal monthly installments of £4,524 until April 2025. Interest is being charged at a fixed rate of 4.08% per annum.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 281,909 257,248
Between one and five years 196,310 109,572
478,219 366,820

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 4,780 8,449

Group

Operating Lease Assets

Minimum lease receipts under non-cancellable operating leases fall due as follows:

2024 2023
£ £
Receivable within one year 20,200 18,180
Receivable between on and five years 40,400 60,600
At end of period 60,600 78,780

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 57,420 108,215

Lloyds Bank Plc

Lloyds Bank Plc hold fixed and floating charges over undertakings in the group, including all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, plant and machinery.

The charges are dated and on the following subsidiaries.

Subsidiary Date of charge
Wintech Group Limited 9 April 2015
Wintech Limited 9 April 2015
Kingswood Lakeside Developments Limited 9 April 2015

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 50,000 50,000 50,000 50,000

Group
Deferred
tax
£   
Balance at 1 April 2023 50,000
Movement in year
Balance at 31 March 2024 50,000

Company
Deferred
tax
£   
Balance at 1 April 2023 50,000
Movement in year
Balance at 31 March 2024 50,000

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
543,000 Ordinary 1p 5,430 5,430
50,000 Ordinary B 1p 375 375
5,805 5,805

Ordinary shares have full voting rights and have full rights to dividends and capital distributions.

Ordinary B shares have no voting rights and have full rights to dividends and capital distributions.

All share classes rank pari passu in regard to dividend and capital distributions.

Wintech Group Limited (Registered number: 02811275)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

22. RESERVES

Capital redemption reserve represents nominal value of ordinary shares repurchased by the company.

Retained earnings represent the accumulation of profits and losses less distributions to the shareholders.

23. POST BALANCE SHEET EVENTS

On 5 July 2024 the group acquired Structural Design Consulting Engineers Limited amounting to £250,000.(2023 - Post year end acquisitions amounted to £708,750).

Structural Design Consulting Engineers Limited has subsequently been renamed Wintech Civil and Structural Engineering Limited.

24. ULTIMATE CONTROLLING PARTY

The controlling party is C J Macey.