Registration number:
WETHERBY Wall Systems Limited
(formerly
for the Year Ended 31 October 2024
WETHERBY Wall Systems Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Independent Auditor's Report |
|
Profit and Loss Account (incorporating the Statement of Income and Retained Earnings) |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
WETHERBY Wall Systems Limited
Company Information
Directors |
Mr M Niermann Mr R H Deane |
Company secretary |
Mr S J Smith |
Registered office |
|
Auditors |
|
WETHERBY Wall Systems Limited
Strategic Report
for the Year Ended 31 October 2024
The directors present their strategic report for the year ended 31 October 2024.
Principal activity
The principal activity of the company is the manufacture and distribution of a wide range of insulated render systems, brick slips, polymer cement renders, silicone and mineral renders.
Fair review of the business
The company was 100% acquired by the Rockwool Group on 9th October 2024.
The strategy for the business will now come under the Rockwool Wall Systems division and headed by their Managing Director Mr Markus Niermann.
Apart from Mr R Deane all the other Directors have resigned but all the directors have signed a new employment contract and will continue their management roles as before with no Rockwool personnel joining the company on a full-time basis.
The key strategy for the new year’s trading will be to phase out the supply of EPS insulation and concentrate on sales of Rockwool insulation solely. This will inevitably lead to a reduction in turnover in the new year but has been approved by the main board while this strategy is implemented leading to no further sales in 2026.
Product development, testing and certification will continue as before but solely based on Rockwool insulation but the strategy to only offer fully tested and certified systems will continue.
Another successful year with turnover increasing by 1% to £48.2m.
Gross margin was maintained despite continuing large increases from our suppliers, leading to a very healthy £17.1m gross profit.
Profit before tax was up 17% to £11.5m.
This led to another strengthening of the balance sheet with the net assets up £5.8m to £26.1m, which included £20m in cash at the bank.
Our turnover and profit increases have been achieved again without having to greatly increase our staff numbers. A great response from our employees. We benefit enormously from a very ambitious loyal hard-working team as reflected in the length of service from a large percentage of our employees.
WETHERBY Wall Systems Limited
Strategic Report
for the Year Ended 31 October 2024 (continued)
Principal risks and uncertainties
Risk: Competition within the marketplace.
Mitigation: The company strives to continue to provide superior products and service levels.
Risk: Reducing sales and not quoting for projects using EPS, losing our customer base.
Mitigation: Reduction in sales and profit subsidised by owners. Strategy already implemented with success in Germany and Poland.
Risk: Credit risk with customers for exceeding credit limits.
Mitigation: Stability of customer base working for utilities, well established main contractors ensuring contract paid on time in full. Trade debtors are carefully monitored and managed.
Key performance indicators
The directors consider the following to be the key performance indicators:
2024 |
2023 |
|||||||||
Turnover (£m) |
48.2 |
47.6% |
||||||||
Gross profit percentage |
35.6% |
34.4% |
||||||||
Profit before tax (£m) |
11.5 |
9.8 |
||||||||
Cash at bank (£m) |
20.0 |
11.4 |
||||||||
Net current assets (£m) |
23.7 |
17.8 |
||||||||
Net assets (£m) |
26.1 |
20.3 |
Section 172 statement
Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members and stakeholders.
The directors consider that the following groups are the company’s key stakeholders:
Members
Employees
Customers
Suppliers
Members
The directors during the year consider that they have acted in a way that would be most likely to promote the success of the company for the benefit of its members, as a whole, in the decisions taken during the year ended 31 October 2024.
WETHERBY Wall Systems Limited
Strategic Report
for the Year Ended 31 October 2024 (continued)
Employees
The Directors consider these to be our largest asset and a lot of effort goes into maintaining and retaining our staff. Our employees are supported by regular meetings at all levels, training, mental health support and feedback and appraisals by Senior Management.
Customers
We regard our customers (installer network) as our partners, so we concentrate on building close relationships with our network. We provide training and regular site supervision to ensure our materials are installed by trained skilled installers, thus lessening the risk that guarantees are required. Our senior management in supply chain, order processing and logistic ensure we are clear market leaders in lead-times and order delivery throughout the country.
Suppliers
Our supply chain regularly monitors and request information to ensure our suppliers are given the information and knowledge of future requirements and product developments. Due to certification of systems, we have a close relationship with suppliers where component parts of a Wetherby system are competitively priced, of a consistent quality and with short lead times. Regular meetings are now organised with Rockwool and Heck to share information on purchasing.
The Company has established policies and procedures that reflect its commitment to responsible business practices. The Company reviews a variety of important matters over the course of the financial year including risk and compliance, corporate governance, environmental, legal, pensions, health and safety matters, diversity and inclusivity, corporate social responsibility and other stakeholder-related matters.
The impact of the company’s operations on the community and environment is noted in detail within the Directors’ Report under the Energy and Carbon Reporting section.
All of the above ensures the Company has an overview of engagement with stakeholders and complies with its s172 duty to promote the success of the Company.
Future developments
We aim to continue with the same strategy of developing more systems to meet growing demand, increase our supply chain and customer base, whilst at the same time reducing our offer of EPS based systems supported by unrivalled technical support and service levels.
Approved and authorised by the
......................................... |
WETHERBY Wall Systems Limited
Directors' Report
for the Year Ended 31 October 2024
The directors present their report and the financial statements for the year ended 31 October 2024.
Change of company name
The company changed its name from
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Dividends
Ordinary dividends were paid amounting to £2,787,368 (2023 - £4,375,717). The directors do not recommend a final dividend.
Financial instruments and risk management
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are mainly conducted in sterling. The company does not enter into any hedging transactions.
Research and development
The company continually designs and develops its products to diversify into new markets and obtain new customers, as outlined in the Strategic Report.
Future developments
There have been no significant events since the year end other than those outlined in the Strategic Report.
WETHERBY Wall Systems Limited
Directors' Report
for the Year Ended 31 October 2024 (continued)
Energy and Carbon Reporting
The board formed a management team to focus on this subject and other green initiatives in order to reduce our carbon footprint.
Being purely a sales and distribution business, our energy use is relatively low but the directors pay particular attention to the KPI’s on this subject.
The management team also focus on the following:
• Community issues - tree planting, food banks etc
• Reducing insulation going to landfill with recycling schemes
• Our suppliers
• Using recycled materials were possible
• Actively reducing our plastic and packaging usage
• Reducing greenhouse gas emissions
• Working with and training our recognise installer partners to achieve their sustainability goals
In accordance with the disclosure requirements required under the Government’s Streamlined Energy and Carbon Reporting Framework, the following table shows the company’s emissions and energy consumption in the financial year:
Electric used in KWH |
|
2022-2023 |
103,164 |
2023-2024 |
102,117 |
Emissions of CO2 electric used in Tonnes |
|
2022-2023 |
21.36 |
2023-2024 |
21.14 |
Gas used in KWH |
|
2022-2023 |
45,596 |
2023-2024 |
40,237 |
Emissions of CO2 of gas used in Tonnes |
|
2022-2023 |
8.21 |
2023-2024 |
7.36 |
WETHERBY Wall Systems Limited
Directors' Report
for the Year Ended 31 October 2024 (continued)
Solar Feed in KWH |
|
2022-2023 |
63,312 |
2023-2024 |
42,062 |
Solar Export in KWH |
|
2022-2023 |
13,617 |
2023-2024 |
8,699 |
Transport CO2 emissions used in tonnes |
|
2022-2023 |
93.58 |
2023-2024 |
75.10 |
Car information: |
|
Number of Plug in Hybrid (Phev) |
14 |
Number of Pure EV |
3 |
Petrol |
1 |
Diesel |
8 |
The company have a clear policy wherever practicable full electric or hybrid cars will be provided.
Intensity ratio - CO2 emissions in tonnes per employee
2022-2023 |
1.54 |
2023-2024 |
1.28 |
Methodology
2024 UK Government Greenhouse Gas (GHG) Conversion Factors for Company Reporting.
WETHERBY Wall Systems Limited
Directors' Report
for the Year Ended 31 October 2024 (continued)
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
WETHERBY Wall Systems Limited
Independent Auditor's Report to the Members of WETHERBY Wall Systems Limited
Opinion
We have audited the financial statements of WETHERBY Wall Systems Limited (the 'company') for the year ended 31 October 2024, which comprise the Profit and Loss Account (incorporating the Statement of Income and Retained Earnings), Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the entity's ability to continue to adopt the going concern basis of accounting included; confirming with management and those charged with governance that the going concern basis is appropriate, detailed review of the post year end financial information (including monthly management accounts and financial forecasts), and, reserves level and cash balances were considered significant enough to be able to sustain the company costs for period of at least 12 months.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
WETHERBY Wall Systems Limited
Independent Auditor's Report to the Members of WETHERBY Wall Systems Limited (continued)
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
WETHERBY Wall Systems Limited
Independent Auditor's Report to the Members of WETHERBY Wall Systems Limited (continued)
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 8], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to:
i) Laws and regulations generally recognized to have a direct effect on the determination of material amounts and disclosures in the financial statements:
• The financial operating framework FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
• The Companies Act 2006
• Tax legislations - various
• Employment law
• Pension Prudential Regulation Authority
ii) Laws and regulations which provides the legal framework within which the company conducts its business and which is central to the company’s ability to conduct its business:
• ISO:9001 2015 certification
WETHERBY Wall Systems Limited
Independent Auditor's Report to the Members of WETHERBY Wall Systems Limited (continued)
We assessed the risks of material misstatement in respect of fraud through:
i) enquiries with management and those charged with governance
ii) the audit team initial discussions on fraud to identify particular areas that were susceptible to misstatement
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.
The audit team was assessed to have the appropriate competence and capability to identify or recognise non-compliance with laws and regulation.
Our approach to understanding the company’s policies and procedures for compliance with those laws and regulations and to gaining an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented was via enquiry with management.
We corroborated our enquiries through:
i) review of correspondence with HMRC and Companies House (and their respective websites)
ii) review of correspondence from the pension regulator
iii) review of relevant regulatory websites
iv) review of signed agreements / contracts
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. The audit tests implemented involved checks with compliance on various company and employment laws and regulations.
Where there was considered to be a lack of segregation of duty, systems of controls in place were verified through observation and enquiry and substantive testing.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries and accounting estimates into our audit approach. Any unusual transactions were investigated further and relevant documentary evidence obtained where deemed necessary.
We considered the risk of fraud through the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, which may be indicative of fraudulent financial reporting resulting from management’s effort to manage earnings. In response, in our audit approach we reviewed the application of accounting policies, for reasonableness and correct application within the financial statements.
Audit test sample selection process involves random selection to incorporate an element of unpredictability in the selection of audit procedures.
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.
WETHERBY Wall Systems Limited
Independent Auditor's Report to the Members of WETHERBY Wall Systems Limited (continued)
We assessed the risks of material misstatement in respect of fraud through:
i) enquiries with management and those charged with governance
ii) the audit team initial discussions on fraud to identify particular areas that were susceptible to misstatement
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.
The audit team was assessed to have the appropriate competence and capability to identify or recognise non-compliance with laws and regulation.
Our approach to understanding the company’s policies and procedures for compliance with those laws and regulations and to gaining an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented was via enquiry with management.
We corroborated our enquiries through:
i) review of correspondence with HMRC and Companies House (and their respective websites)
ii) review of correspondence from the pension regulator
iii) review of relevant regulatory websites
iv) review of signed agreements / contracts
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. The audit tests implemented involved checks with compliance on various company and employment laws and regulations.
Where there was considered to be a lack of segregation of duty, systems of controls in place were verified through observation and enquiry and substantive testing.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries and accounting estimates into our audit approach. Any unusual transactions were investigated further and relevant documentary evidence obtained where deemed necessary.
We considered the risk of fraud through the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, which may be indicative of fraudulent financial reporting resulting from management’s effort to manage earnings. In response, in our audit approach we reviewed the application of accounting policies, for reasonableness and correct application within the financial statements.
Audit test sample selection process involves random selection to incorporate an element of unpredictability in the selection of audit procedures.
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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Rosemount House
Huddersfield Road
Elland
West Yorkshire
HX5 0EE
WETHERBY Wall Systems Limited
Profit and Loss account
(incorporating the Statement of Income and Retained Earnings)
for the Year Ended 31 October 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
443,917 |
126,435 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
20,228,054 |
17,016,396 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
26,029,632 |
20,228,054 |
WETHERBY Wall Systems Limited
Balance Sheet
as at 31 October 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total current assets less current liabilities |
|
|
|
Debtors : Amounts falling due after more than one year |
- |
90,000 |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................... |
(Registration number: 03621726)
WETHERBY Wall Systems Limited
Statement of Changes in Equity
for the Year Ended 31 October 2024
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 November 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
- |
- |
(2,787,368) |
(2,787,368) |
|
At 31 October 2024 |
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 November 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
- |
- |
(4,375,717) |
(4,375,717) |
|
At 31 October 2023 |
|
|
|
|
WETHERBY Wall Systems Limited
Statement of Cash Flows
for the Year Ended 31 October 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease in debtors |
|
|
|
Increase/(decrease) in creditors |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 November |
|
|
|
Cash and cash equivalents at 31 October |
19,953,463 |
11,426,033 |
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024
General information |
The company is a private company limited by share capital, incorporated in England within the United Kingdom.
The company was formerly known as Wetherby Building Systems Limited.
The address of its registered office is:
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The director has considered the company forecasts, which cover a period of 12 months from the date of signing the financial statements, and concludes that the company has adequate resources to continue in operation for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Foreign currency transactions and balances
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
2% per annum on a straight line basis |
Plant and machinery |
25% per annum on a straight line basis |
Fixtures and fittings |
10% per annum on a straight line basis |
Motor vehicles |
25% per annum on a reducing balance basis |
Additions to leasehold property |
Straight line over the life of the lease |
Computer equipment |
20% and 25% per annum on a straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Trade debtors
Trade debtors are amounts due from customers for goods supplied in the ordinary course of business. If collection is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets.
Trade debtors are recognised at the transaction price.
Cash and bank balances
Cash and bank balances include cash in hand and deposits held with banks, and are disclosed within current assets.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. They are classified as current liabilities if payment is due within one yearor less. If not, they are presented as non-current liabilities.
Trade creditors are recognised at cost.
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
2 |
Accounting policies (continued) |
Leases
Rentals in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods, UK |
|
|
Sales of goods, rest of world |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Loss/(profit) on disposal of motor vehicles and fixtures, fittings and equipment |
|
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
Interest payable and similar expenses |
2024 |
2023 |
|
Interest expense on other finance liabilities |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
157,341 |
335,872 |
During the year the number of directors who were receiving benefits was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
Auditors' remuneration |
2024 |
2023 |
|
For audit services |
||
Audit of the financial statements |
|
|
For other services |
||
Taxation and compliance services |
|
|
All other assurance services |
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax assessed for the year is higher than the standard rate of corporation tax in the UK of
The differences are reconciled below:
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
10 |
Taxation (continued) |
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Expenses not deductible for tax purposes |
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Tax increase from effect of depreciation of assets not qualifying for capital allowances |
|
|
Tax decrease from effect of super deduction allowances |
- |
(1,537) |
Total tax charge |
|
|
The corporation tax rate was 25% with effect from 1 April 2023. The 22.52% rate used in 2023 reflects 7 months at the new rate and 5 months at the previous rate of 19%. The 25% rate is used to calculate deferred tax in 2024 and 2023.
The deferred tax creditor of £20,106 (2023: £39,603) relates to accelerated capital allowances.
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
Tangible assets |
Land and buildings |
Fixtures, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 November 2023 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
At 31 October 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 November 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 October 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 31 October 2024 |
|
|
|
|
|
At 31 October 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £1,345,196 (2023 - £1,383,895) in respect of freehold land and buildings and £9,980 (2023 - £17,026) in respect of additions to leasehold properties.
Stocks |
2024 |
2023 |
|
Raw materials |
|
|
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
- |
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Non-current |
2024 |
2023 |
Other debtors |
- |
|
- |
|
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Directors' current accounts |
- |
|
|
Accruals and deferred income |
|
|
|
Corporation tax |
1,582,466 |
1,062,320 |
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 November 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 October 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £98,630 (2023 - £95,303).
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
42,635 |
|
42,635 |
|
|
19,980 |
|
19,980 |
|
|
20 |
|
20 |
Ordinary G shares of £1 each |
1,800 |
1,800 |
1,800 |
1,800 |
Ordinary H shares of £1 each |
4,500 |
4,500 |
4,500 |
4,500 |
Ordinary J shares of £1 each |
3,865 |
3,865 |
3,865 |
3,865 |
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
WETHERBY Wall Systems Limited
Notes to the Financial Statements
for the Year Ended 31 October 2024 (continued)
Related party transactions |
Transactions with directors |
The company had existing loan agreements with it's key management personnel (being company directors at the time the loans were in force). The maximum loan creditor during the year, which was the amount brought forward at the beginning of the year, was £1,810,000 (2023: £2,110,000). Loans were fully repaid in the current financial year, the amount outstanding at the year end and shown within Other Debtors was £nil (2023: £1,810,000, of which £90,000 was due over 1 year).
Daily interest was applied at the HMRC official interest rate. Interest of £45,190 (2023: £nil) was charged to the profit and loss account in relation to these loans.
The company purchased services from the wife of a director in the year. These were commercial transactions carried out at arms length to the value of £25,430 (2023: £1,770).
Key management compensation
2024 |
2023 |
|
Salaries and other short term employee benefits |
|
|
Parent and ultimate parent undertaking |