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Registered number: 09820561









THE WRIGHT BUY HOLDINGS LIMITED







CONSOLIDATED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
A Wright 




Company secretary
A Wright



Registered number
09820561



Registered office
7 Meadow Business Park
Piperell Way

Haverhill

Suffolk

CB9 8QX




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
THE WRIGHT BUY HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3
Director's Responsibilities Statement
 
4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Notes to the Financial Statements
 
18 - 40


 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
This is a balance and comprehensive review of the performance of our business during the year and its position at the year end consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

Business review
 
The Wright Buy Holdings Limited
During the year, the company gained full planning permission to build a new industrial scheme on the current Freehold site on part of an unused car park. The scheme allows for circa 46,000 sq. feet of industrial space of which the majority will be used for the companies own trading business, with a smaller percentage to be leased out to local, strong & stable tenants. This is a long-term investment with an upfront gain in value once the scheme is built. Works to commence in October 2024 with a 12-month completion date.
The company also purchased a Commercial freehold site in Brentwood, Essex. This site will be redeveloped and modernised to have a new company HQ with office & showroom, this will be Separate from our national distribution centre in Suffolk. It is strategically positioned nearby the M25 with strong transport links to London & home counties. The new showroom will showcase our latest products as well as having live cooking demonstration capability. The 5000 sq. ft premises will be open later in 2025 & will be the new home for Cookology for the foreseeable future. From here we will have our customer service team, Sales & Marketing & Accounts.
The Wright Buy Limited
The company delivered a strong financial performance over the year, despite facing challenging trading conditions.
Volatile carrier prices from the Far East created pressures on cost management, but strategic initiatives including a refresh of supplier relationships and a continued focus on operational efficiency helped drive profitability.
Full-year (FY) sales increased by 15.9%, reaching £21.61 million compared to £18.63 million in the previous year. This growth, coupled with improved cost control and supplier negotiations, led to a 33.86% uplift in gross profit to £8.63 millions (2023 - £6.45 million).
Operating profit saw a 40.35% increase, rising to £1.65 million from £1.17 million, while profit before tax improved by 42.6% to £1.64 million (2023 - £1.15 million). 
Throughout the year, the organisation remained stable, maintaining a clear focus on efficiency and profitability. These results highlight the effectiveness of the company strategic initiatives and provide a solid foundation for continued success in the face of ongoing market challenges. Costs continue to be under control with a stable workforce and exchange rates closely monitored to ensure margins are maintained.

Page 1

 
THE WRIGHT BUY HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
The UK economy is showing little growth, inflation has been high and the cost-of-living crisis has impacted households across the country. The global economic picture has been centred around the Russian invasion of the Ukraine and it’s impact on energy prices as well as staple food stuffs supplied worldwide from Ukraine.
The Group minimises risk by continually monitoring key indicators:
• Local market conditions - competitor activity beyond prices to include strategic developments such as    mergers and acquisitions, new categories, additional service offerings.
• Energy crisis - energy costs and fuel poverty, tariff changes, expected recovery.
• Exchange rates - principally $v£ and the £s strength
• Shipping rates - from the far east and the calculation to compare against factories in Europe.
• Cost of raw materials, components, and services
• Chinese economic picture compared to Turkish. 
• New Technology - important to be aware and know what’s coming to the market.
• Local suppliers - important to monitor financial health of key suppliers.
• Staff - stability has been important and new people need to add value. 

Financial key performance indicators
 
Key performance indicators, as set out in the Statement of Comprehensive income, are:
• Sales revenue
• Gross and Net profit
• EBITDA
• Stock levels

Other key performance indicators
 
The Group continues to monitor:
• Percentage of orders arriving the following day after purchase.
• Customer satisfaction by solving customer enquiries.
• Product performance according to after sales fault rates.
• Customer product reviews - number of star ratings given by purchasers.
• On-line site traffic and conversion rates for all e-commerce sites.
• Out of stocks - aim to minimise by robust demand planning.
The Group continues to make good progress in each of these indicators.


This report was approved by the board on 28 March 2025 and signed on its behalf.



................................................
A Wright
Director

Page 2

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Principal activity

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

Director

The director who served during the year was:

A Wright 

Results and dividends

The profit for the year, after taxation, amounted to £799,849 (2023 - £927,377).

The directors recommended the payment of a dividend of £610,000 (2023 - £518,000).

Future developments

The group feels that it is well placed to increase turnover & profitability.

Disclosure of information to auditors

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

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

Post balance sheet events

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

Auditors

Under section 487(2) of the Companies Act 2006Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 28 March 2025 and signed on its behalf.
 





................................................
A Wright
Director

Page 3

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

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

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Page 4

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WRIGHT BUY HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of The Wright Buy 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, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 or 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.


Page 5

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WRIGHT BUY HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Director's Report.


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


adequate accounting records have not been kept 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.


Page 6

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WRIGHT BUY HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the 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 have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries of management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
 
Page 7

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WRIGHT BUY HOLDINGS LIMITED (CONTINUED)



• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.


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 Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Matthew Wells ACA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

28 March 2025
Page 8

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,711,799
18,729,514

Cost of sales
  
(12,979,717)
(12,183,228)

Gross profit
  
8,732,082
6,546,286

Distribution costs
  
(4,246,708)
(3,182,741)

Administrative expenses
  
(3,245,778)
(2,088,605)

Operating profit
 5 
1,239,596
1,274,940

Interest receivable and similar income
 9 
4,980
1

Interest payable and similar expenses
 10 
(158,206)
(105,246)

Profit before taxation
  
1,086,370
1,169,695

Tax on profit
 11 
(286,521)
(242,318)

Profit for the financial year
  
799,849
927,377

  

Profit for the year attributable to:
  

Owners of the parent Company
  
799,849
927,377

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 40 form part of these financial statements.

Page 9

 
THE WRIGHT BUY HOLDINGS LIMITED
REGISTERED NUMBER: 09820561

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
6,865,570
5,170,825

Investments
 15 
227,338
111,814

Investment property
 16 
706,698
706,698

  
7,799,606
5,989,337

Current assets
  

Stocks
 17 
10,552,832
9,667,515

Debtors: amounts falling due within one year
 18 
2,305,459
684,467

Cash at bank and in hand
 19 
1,017,045
1,110,400

  
13,875,336
11,462,382

Creditors: amounts falling due within one year
 20 
(8,333,987)
(5,346,295)

Net current assets
  
 
 
5,541,349
 
 
6,116,087

Total assets less current liabilities
  
13,340,955
12,105,424

Creditors: amounts falling due after more than one year
 21 
(2,473,078)
(1,436,031)

Provisions for liabilities
  

Deferred taxation
 25 
(317,199)
(317,145)

Other provisions
 26 
(129,711)
(121,130)

  
 
 
(446,910)
 
 
(438,275)

Net assets excluding pension asset
  
10,420,967
10,231,118

Net assets
  
10,420,967
10,231,118

Page 10

 
THE WRIGHT BUY HOLDINGS LIMITED
REGISTERED NUMBER: 09820561
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 27 
1,000,000
1,000,000

Revaluation reserve
 28 
1,084,859
1,084,859

Profit and loss account
 28 
8,336,108
8,146,259

Equity attributable to owners of the parent Company
  
10,420,967
10,231,118

  
10,420,967
10,231,118


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.




................................................
A Wright
Director

The notes on pages 18 to 40 form part of these financial statements.

Page 11

 
THE WRIGHT BUY HOLDINGS LIMITED
REGISTERED NUMBER: 09820561

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
6,496,459
4,865,327

Investments
 15 
1,000,000
1,000,000

Investment property
 16 
706,698
706,698

  
8,203,157
6,572,025

Current assets
  

Debtors: amounts falling due within one year
 18 
171,899
8,168

Cash at bank and in hand
 19 
19,487
60,808

  
191,386
68,976

Creditors: amounts falling due within one year
 20 
(3,605,949)
(2,778,176)

Net current liabilities
  
 
 
(3,414,563)
 
 
(2,709,200)

Total assets less current liabilities
  
4,788,594
3,862,825

  

Creditors: amounts falling due after more than one year
 21 
(2,422,296)
(1,385,131)

Provisions for liabilities
  

Deferred taxation
 25 
(233,809)
(262,989)

  
 
 
(233,809)
 
 
(262,989)

Net assets excluding pension asset
  
2,132,489
2,214,705

Net assets
  
2,132,489
2,214,705

Page 12

 
THE WRIGHT BUY HOLDINGS LIMITED
REGISTERED NUMBER: 09820561
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 27 
1,000,000
1,000,000

Revaluation reserve
 28 
1,084,859
1,084,859

Profit and loss account brought forward
  
129,846
112,790

Profit for the year
  
527,784
535,056

Dividends

  

(610,000)
(518,000)

Profit and loss account carried forward
  
47,630
129,846

  
2,132,489
2,214,705


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.


................................................
A Wright
Director

The notes on pages 18 to 40 form part of these financial statements.

Page 13
 

 
THE WRIGHT BUY HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024



Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£



At 1 July 2022
1,000,000
1,084,859
7,736,882
9,821,741
9,821,741



Comprehensive income for the year


Profit for the year
-
-
927,377
927,377
927,377


Dividends: Equity capital
-
-
(518,000)
(518,000)
(518,000)





At 1 July 2023
1,000,000
1,084,859
8,146,259
10,231,118
10,231,118



Comprehensive income for the year


Profit for the year
-
-
799,849
799,849
799,849


Dividends: Equity capital
-
-
(610,000)
(610,000)
(610,000)



At 30 June 2024
1,000,000
1,084,859
8,336,108
10,420,967
10,420,967



Page 14

 

 
THE WRIGHT BUY HOLDINGS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024



Called up share capital
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£



At 1 July 2022
1,000,000
1,084,859
112,790
2,197,649



Comprehensive income for the year


Profit for the year
-
-
535,056
535,056



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(518,000)
(518,000)





At 1 July 2023
1,000,000
1,084,859
129,846
2,214,705



Comprehensive income for the year


Profit for the year
-
-
527,784
527,784



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(610,000)
(610,000)



At 30 June 2024
1,000,000
1,084,859
47,630
2,132,489



Page 15
 
THE WRIGHT BUY HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
799,849
927,377

Adjustments for:

Depreciation of tangible assets
184,183
101,068

Interest paid
158,206
105,246

Taxation charge
286,522
242,317

(Increase)/decrease in stocks
(885,316)
684,627

(Increase)/decrease in debtors
(1,620,996)
175,238

Increase/(decrease) in creditors
2,712,178
(437,123)

Increase in provisions
8,582
69,207

Corporation tax (paid)
(350,068)
(119,459)

Net cash generated from operating activities

1,293,140
1,748,498


Cash flows from investing activities

Purchase of tangible fixed assets
(1,878,928)
(348,726)

Purchase of unlisted and other investments
(115,524)
-

HP interest paid
(529)
-

Net cash from investing activities

(1,994,981)
(348,726)
Page 16

 
THE WRIGHT BUY HOLDINGS LIMITED
 

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


2024
2023

£
£



Cash flows from financing activities

New secured loans
1,500,000
-

Repayment of loans
(184,925)
(163,140)

Other new loans
30,163
-

Repayment of other loans
-
(69,886)

Repayment of/new finance leases
33,216
(14,904)

Dividends paid
(610,000)
(518,000)

Interest paid
(157,677)
(87,746)

HP interest paid
(2,291)
(2,291)

Net cash used in financing activities
608,486
(855,967)

Net (decrease)/increase in cash and cash equivalents
(93,355)
543,805

Cash and cash equivalents at beginning of year
1,110,400
566,595

Cash and cash equivalents at the end of year
1,017,045
1,110,400


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,017,045
1,110,400

1,017,045
1,110,400


The notes on pages 18 to 40 form part of these financial statements.

Page 17

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The Wright Buy Holdings Limited is a private company, limited by shares incorporated in England and Wales, United Kingdom, with a registered number 09820561. The address of the registered office is 7 Meadow Business Park, Piperell Way, Haverhill, Suffolk, England, CB9 8QX. The principal activity of the company continued to be that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

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.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2016.

Page 18

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The principal activity of The Wright Buy Limited is a retailer of white goods. Turnover is recognised on the despatch of goods.
The principal activity of The Wright Buy Holdings Limited is a holding company. Turnover relates to rental income received and is recognised in the period to which it relates.

Page 19

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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

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

Page 20

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

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

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

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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.

Page 21

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Long-term leasehold property
-
10%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-

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

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

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

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

 
2.16

Cash and cash equivalents

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

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 23

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

 
2.20

Dividends

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

Page 24

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Details of the company's significant accounting judgements and critical accounting estimates include:
Tangible fixed assets
Each year the company reviews the estimated useful lives and residual values of tangibles fixed assets and these are adjusted if appropriate. The depreciation rates are calculated accordingly to the useful economic life that management believe to be appropriate based on the bature of the asset in operation.
Valuation of investments
Management have assessed the need to write off or provide against any specific investments based on the levels of performance of the respective entity. Management have based the decision to provide for any investments based on their judgement of all the available information and their experience of the entity in question.
Impairment of stock
Management have assessed the need to write off or provide against any specific items based on the levels held at the year end and the expected sales of such items in the immediate period post year end. Management take into account historic sales data at the date the estimate is made.
Warranty provisions
Management have assessed the need to provide for any costs which will be incurred in the future on behalf of the warranties offered to its customers. Management have based the decision on their judgement of all available information and their experience of the specific nature of the warranty costs incurred.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
21,711,799
18,729,514


All turnover arose within the United Kingdom.

Page 25

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(391,708)
(310,341)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
18,400
17,400

Tax compliance
1,500
1,400

Personal tax compliance
635
600


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
672,693
548,251
-
-

Social security costs
63,099
50,028
-
-

Cost of defined contribution scheme
62,222
54,297
-
-

798,014
652,576
-
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
20
18
1
1

Page 26

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Director's remuneration

2024
2023
£
£

Director's emoluments
7,500
7,500

Group contributions to defined contribution pension schemes
10,000
4,000

17,500
11,500


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


9.


Interest receivable

2024
2023
£
£


Other interest receivable
4,980
1


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
152,986
83,515

Other loan interest payable
4,691
4,231

Share of associates
-
17,500

Finance leases and hire purchase contracts
529
-

158,206
105,246

Page 27

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
286,468
245,721


Total current tax
286,468
245,721

Deferred tax


Origination and reversal of timing differences
53
(3,403)

Total deferred tax
53
(3,403)


286,521
242,318

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,086,370
1,169,695


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
271,593
222,242

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,612
1,581

Capital allowances for year in excess of depreciation
(1,319)
(17,628)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
909
18

Other timing differences leading to an increase (decrease) in taxation
(327)
39,508

Deferred tax
53
(3,403)

Total tax charge for the year
286,521
242,318


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Dividends

2024
2023
£
£


Dividends
610,000
518,000


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £527,784 (2023 - £535,056).

Page 29
 


 
THE WRIGHT BUY HOLDINGS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


14.


Tangible fixed assets


Group







Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£
£



Cost 


At 1 July 2023
4,831,315
79,473
331,762
99,457
229,331
5,571,338


Additions
1,747,854
-
112,595
-
18,479
1,878,928



At 30 June 2024

6,579,169
79,473
444,357
99,457
247,810
7,450,266



Depreciation


At 1 July 2023
-
33,640
185,984
54,388
126,501
400,513


Charge for the year on owned assets
103,514
4,516
25,401
5,363
13,820
152,614


Charge for the year on financed assets
-
-
26,816
4,753
-
31,569



At 30 June 2024

103,514
38,156
238,201
64,504
140,321
584,696



Net book value



At 30 June 2024
6,475,655
41,317
206,156
34,953
107,489
6,865,570



At 30 June 2023
4,831,315
45,833
145,778
45,069
102,830
5,170,825
Page 30

 


 
THE WRIGHT BUY HOLDINGS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           14.Tangible fixed assets (continued)





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
6,475,655
4,831,315

Long-term leasehold
41,317
45,833

6,516,972
4,877,148


Page 31
 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Company






Freehold property
Plant and machinery
Total

£
£
£

Cost 


At 1 July 2023
4,831,315
132,076
4,963,391


Additions
1,747,854
-
1,747,854



At 30 June 2024

6,579,169
132,076
6,711,245



Depreciation


At 1 July 2023
-
98,064
98,064


Charge for the year on owned assets
103,514
13,208
116,722



At 30 June 2024

103,514
111,272
214,786



Net book value



At 30 June 2024
6,475,655
20,804
6,496,459



At 30 June 2023
4,831,315
34,012
4,865,327





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
6,475,655
4,831,315


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


2024
2023
£
£



Plant and machinery
80,438
65,059

Motor vehicles
14,255
23,157

94,693
88,216

Page 32

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 July 2023
1,000,000



At 30 June 2024
1,000,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

The Wright Buy Limited
7 Meadow Business Park, Piperell Way, Haverhill, Suffolk, CB9 8QX
Ordinary
100%

Page 33

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 July 2023
706,698



At 30 June 2024
706,698

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
706,698
706,698


17.


Stocks

Group
Group
2024
2023
£
£

Finished goods
8,008,030
7,954,845

Stock in transit
2,544,802
1,712,670

10,552,832
9,667,515


Page 34

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
275,309
411,752
108,627
8,168

Other debtors
1,954,392
197,032
63,272
-

Prepayments and accrued income
75,758
75,683
-
-

2,305,459
684,467
171,899
8,168



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,017,045
1,110,400
19,487
60,808



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
545,068
267,159
545,068
267,159

Other loans
50,650
20,487
-
-

Trade creditors
2,345,760
1,763,614
8,693
2,292

Amounts owed to group undertakings
-
-
3,018,214
2,467,411

Corporation tax
135,573
201,464
-
-

Other taxation and social security
484,324
666,564
-
7,339

Obligations under finance lease and hire purchase contracts
39,811
6,478
-
-

Other creditors
4,488,538
2,314,002
4,800
4,800

Accruals and deferred income
244,263
106,527
29,174
29,175

8,333,987
5,346,295
3,605,949
2,778,176


All bank loans and overdafts of the Company are secured by a fixed charge over the property, plant and
equipment, share capital and stock. There is also a floating charge over any current or future assets the
business owns which is not covered by the fixed charge.
All obligations under finance lease and hire purchase contracts are secured against the asset to which
they relate.

Page 35

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,422,296
1,385,131
2,422,296
1,385,131

Net obligations under finance leases and hire purchase contracts
50,782
50,900
-
-

2,473,078
1,436,031
2,422,296
1,385,131





22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
545,068
267,159
545,068
267,159

Other loans
50,650
20,487
-
-


595,718
287,646
545,068
267,159

Amounts falling due 1-2 years

Bank loans
1,075,438
1,068,633
1,075,438
1,068,633

Amounts falling due 2-5 years

Bank loans
1,346,858
316,497
1,346,858
316,497


3,018,014
1,672,776
2,967,364
1,652,289


Page 36

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
39,811
6,478

Between 1-5 years
50,872
50,900

90,683
57,378


24.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,017,045
1,110,400
19,487
60,808

Financial assets that are debt instruments measured at amortised cost
2,305,459
684,467
171,898
8,166

3,322,504
1,794,867
191,385
68,974


Financial liabilities

Financial liabilities measured at amortised cost
(10,096,576)
(5,856,920)
(6,028,245)
(4,155,968)


Financial assets measured at fair value through profit or loss comprise cash and cash equivilents.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts
owed by group undertakings, others debtors and accrued income.


Financial liabilities measured at amortised cost comprise other loans, trade creditors, other creditors, amounts owed to group undertakings, accruals and deferred income.

Page 37

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Deferred taxation


Group



2024


£






At beginning of year
(317,145)


Charged to profit or loss
(54)



At end of year
(317,199)

Company


2024


£






At beginning of year
(262,989)


Charged to profit or loss
29,180



At end of year
(233,809)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(87,150)
(62,659)
(5,201)
(8,503)

Pension surplus
(1,441)
-
-
-

Revaluation of freehold property
(228,608)
(254,486)
(228,608)
(254,486)

(317,199)
(317,145)
(233,809)
(262,989)

Page 38

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Provisions


Group



Warranty provision

£





At 1 July 2023
121,130


Charged to profit or loss
8,581



At 30 June 2024
129,711


27.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000,000 (2023 - 1,000,000) Ordinary shares of £1.00 each
1,000,000
1,000,000



28.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative amount the freehold property has been revalued by net of deferred tax and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


29.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £62,222 (2023 - £54,297). Contributions totalling £5,765 (2023 - £2,130) were payable to the fund at the balance sheet date and are included in creditors

Page 39

 
THE WRIGHT BUY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

30.


Related party transactions

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned Group Companies.
During the year the company made a loan of £40,000 (2023 - £Nil) to W Wright, a closely related individual to a director. The loan is considered to be repayable on demand.
During the year the company had an amount due of £1,640,032 (2023 - £80,032) from J A Property Lets Limited, a company in which A Wright is a director.


31.


Controlling party

The ultimate controlling party is A Wright by virtue of his shareholding.

 
Page 40