Company Registration No. 05127552 (England and Wales)
WINFIELD HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JANUARY 2024
30 January 2024
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs J S Winfield
Miss J Winfield
Mr J O Winfield
Secretary
Miss J Winfield
Company number
05127552
Registered office
Albert Mill
Mill Street
Haslingden
Lancashire
BB4 5JW
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
WINFIELD HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JANUARY 2024
- 1 -
The directors present the strategic report for the year ended 30 January 2024.
Review of the business
2024 continued to be a challenging year for the group, which retails outdoor clothing and equipment, workwear, leisurewear and footwear. Despite expectations for a return to normality, consumer appetite remained low, and economic and geopolitical issues further impacted sales and revenue. The UK retail market faced significant headwinds due to rising costs and geopolitical tensions, contributing to decreased consumer spending and increased operational costs. Inflation and economic uncertainty led to cautious consumer behaviour, with many customers holding onto products purchased in a busy COVID-19 period. Additionally, there was a noticeable reduction in holidaying within the UK, with consumers either cutting back on holidays due to financial constraints or opting for international travel, negatively impacting summer sales of camping equipment and tents.
During the year the group acquired two new subsidiaries, Willowcrest Ltd and Rockchase Ltd by the issue of shares to these company's sharheolders. The trade in these companies was transferred into the major trading company, Winfield's Limited.
During the financial year, the group extended financial support to a related party to initiate a new business venture aimed at expanding our market presence and diversifying our revenue streams. Unfortunately, the venture did not achieve the anticipated outcomes due to unforeseen market challenges and operational difficulties. As a result, the Group has prudently decided to provide for this investment in the 2024 accounts.
Principal risks and uncertainties
Economic and Geopolitical Impact:
Rising costs and geopolitical tensions continue to pose significant risks to the retail sector, affecting consumer spending and operational costs.
Inflation and economic uncertainty have led to cautious consumer behavior, impacting sales and revenue.
Consumer Behavior:
Reduced holidaying within the UK and a shift towards international travel have negatively impacted summer sales of camping equipment and tents.
Consumers holding onto products purchased during the COVID-19 pandemic have resulted in reduced demand for new camping gear.
Competitive Landscape:
Intense competition in the retail market requires the group to adapt to changing consumer preferences and economic conditions.
The need for diversification and sourcing exclusive styles to differentiate from competitors.
Key performance indicators
The group's turnover has decreased by 20.2% to £14,381,587 from £18,031,072 with losses before taxation of £7,014,043 (2023 - 484,045). A provision of £6,425,232 has been made against an amount due from a related entity which is potentially irrecoverable.
At the end of the year the group had shareholders’ funds of £3,587,460 (2023 - £9,318,789).
WINFIELD HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 2 -
Mrs J S Winfield
Director
25 April 2025
WINFIELD HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JANUARY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 January 2024.
Principal activities
The principal activity of the group was that of retailing of outdoor clothing and equipment, workwear, leisurewear and footwear. The company acts as a holding company for the group.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs J S Winfield
Miss J Winfield
Mr J O Winfield
Post reporting date events
Subsequent to the balance sheet date - in April 2025, an administrator was appointed to the major trading subsidiary, Winfield's Limited. The company is continuing to trade.
Auditor
The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WINFIELD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mrs J S Winfield
Director
25 April 2025
WINFIELD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WINFIELD HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Winfield Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 January 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 January 2024 and of the group's loss 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.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.
Material uncertainty related to going concern
We draw attention to Note 1.4 in the consolidated financial statements, An administrator of the major trading subsidiary has been appointed in April 2025. The directors believe that within the group there are sufficient assets to allow the group to meet its obligations as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
As stated in Note 1.4, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 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.
WINFIELD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WINFIELD HOLDINGS LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the 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 the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
WINFIELD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WINFIELD HOLDINGS LIMITED
- 7 -
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
the matters discussed among the audit engagement team including significant component audit teams and involving relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Group's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.
Audit response to risks identified
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
in addressing the identified risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
WINFIELD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WINFIELD HOLDINGS LIMITED
- 8 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Christopher Johnson FCA (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP
28 April 2025
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WINFIELD HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JANUARY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
14,381,587
18,031,072
Cost of sales
(11,394,017)
(15,484,432)
Gross profit
2,987,570
2,546,640
Distribution costs
(746,064)
(1,056,887)
Administrative expenses
(3,351,455)
(2,486,609)
Other operating income
200,976
120,925
Operating loss
4
(908,973)
(875,931)
Interest receivable and similar income
8
356,500
53,298
Interest payable and similar expenses
9
(36,338)
(16,236)
Fair value gains and losses on investment properties
12
354,824
Profit/(loss) on disposal of operations
Provision against amounts due from related party
(6,425,232)
-
Loss before taxation
(7,014,043)
(484,045)
Tax on loss
10
111,061
57,355
Loss for the financial year
23
(6,902,982)
(426,690)
Loss for the financial year is all attributable to the owners of the parent company.
The notes on pages 16 to 31 form part of these financial statements.
WINFIELD HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JANUARY 2024
30 January 2024
- 10 -
30 January 2024
31 January 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,111,346
3,530,371
Investment property
12
1,510,560
1,510,560
5,621,906
5,040,931
Current assets
Stocks
15
3,150,504
3,881,461
Debtors
16
816,178
6,045,493
Cash at bank and in hand
377,675
17,626
4,344,357
9,944,580
Creditors: amounts falling due within one year
17
(5,964,082)
(5,048,146)
Net current (liabilities)/assets
(1,619,725)
4,896,434
Total assets less current liabilities
4,002,181
9,937,365
Creditors: amounts falling due after more than one year
18
(291,388)
(384,182)
Provisions for liabilities
Deferred tax liability
20
123,333
234,394
(123,333)
(234,394)
Net assets
3,587,460
9,318,789
Capital and reserves
Called up share capital
22
50,751
40,601
Other reserves
23
544,001
(617,502)
Profit and loss reserves
23
2,992,708
9,895,690
Total equity
3,587,460
9,318,789
The notes on pages 16 to 31 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
25 April 2025
Mrs J S Winfield
Director
Company registration number 05127552 (England and Wales)
WINFIELD HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JANUARY 2024
30 January 2024
- 11 -
30 January 2024
31 January 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,281,248
5,012,400
Investment property
12
1,510,560
1,510,560
Investments
13
365,216
101
7,157,024
6,523,061
Current assets
Debtors
16
762,399
1,364,124
Cash at bank and in hand
12,773
8,393
775,172
1,372,517
Creditors: amounts falling due within one year
17
(994,689)
(129,975)
Net current (liabilities)/assets
(219,517)
1,242,542
Total assets less current liabilities
6,937,507
7,765,603
Creditors: amounts falling due after more than one year
18
(291,388)
(384,182)
Provisions for liabilities
Deferred tax liability
20
123,333
124,240
(123,333)
(124,240)
Net assets
6,522,786
7,257,181
Capital and reserves
Called up share capital
22
50,751
40,601
Other reserves
23
1,161,503
Profit and loss reserves
23
5,310,532
7,216,580
Total equity
6,522,786
7,257,181
The notes on pages 16 to 31 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,906,048 (2023 - £737,378 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
WINFIELD HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JANUARY 2024
30 January 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
25 April 2025
Mrs J S Winfield
Director
Company registration number 05127552 (England and Wales)
WINFIELD HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JANUARY 2024
- 13 -
Share capital
Other reserves
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
40,601
(617,502)
-
10,322,380
9,745,479
Year ended 31 January 2023:
Loss and total comprehensive income
-
-
-
(426,690)
(426,690)
Balance at 31 January 2023
40,601
(617,502)
-
9,895,690
9,318,789
Year ended 30 January 2024:
Loss and total comprehensive income
-
-
-
(6,902,982)
(6,902,982)
Issue of share capital
22
10,150
-
-
-
10,150
Transfers
-
-
1,161,503
-
1,161,503
Balance at 30 January 2024
50,751
(617,502)
1,161,503
2,992,708
3,587,460
The notes on pages 16 to 31 form part of these financial statements.
WINFIELD HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JANUARY 2024
- 14 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
40,601
-
6,479,202
6,519,803
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
737,378
737,378
Balance at 31 January 2023
40,601
-
7,216,580
7,257,181
Year ended 30 January 2024:
Profit and total comprehensive income
-
-
(1,906,048)
(1,906,048)
Issue of share capital
22
10,150
-
-
10,150
Transfers
-
1,161,503
-
1,161,503
Balance at 30 January 2024
50,751
1,161,503
5,310,532
6,522,786
The notes on pages 16 to 31 form part of these financial statements.
WINFIELD HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JANUARY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
339,314
(2,397,655)
Interest paid
(36,338)
(16,236)
Income taxes paid
(137,529)
(113,349)
Net cash inflow/(outflow) from operating activities
165,447
(2,527,240)
Investing activities
Purchase of business
65,473
-
Purchase of tangible fixed assets
(23,628)
(72,396)
Proceeds on disposal of tangible fixed assets
29,002
12,666
Receipts arising from loans made
(246,732)
13,714
Interest received
356,500
53,298
Net cash generated from investing activities
180,615
7,282
Financing activities
Repayment of bank loans
(85,385)
(82,437)
Net cash used in financing activities
(85,385)
(82,437)
Net increase/(decrease) in cash and cash equivalents
260,677
(2,602,395)
Cash and cash equivalents at beginning of year
(1,779,772)
822,623
Cash and cash equivalents at end of year
(1,519,095)
(1,779,772)
Relating to:
Cash at bank and in hand
377,675
17,626
Bank overdrafts included in creditors payable within one year
(1,896,770)
(1,797,398)
The notes on pages 16 to 31 form part of these financial statements.
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2024
- 16 -
1
Accounting policies
Company information
Winfield Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Albert Mill, Mill Street, Haslingden, Rossendale, BB4 5JW.
The group consists of Winfield Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
Business combinations
The consolidated financial statements incorporate the financial statements of the company and group undertakings on a merger accounting basis. The cost of the investment is recorded at the nominal value of shares issued by the company. The difference between this cost and the nominal value of the shares in the subsidiaries is taken to the other reserves in the year of merger. Profits and losses of subsidiaries joining the group on this basis are included for the whole financial year and comparative amounts are presented in the consolidated profit and loss accounts and balance sheet as if the combination had existed throughout both years. Profits and losses of other subsidiaries joining the group are included from the date of acquisition.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Winfield Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the group's ability to continue as a going concern.
An administrator of the major trading subsidiary has been appointed in April 2025. The directors believe that within the group there are sufficient assets to allow the group to meet its obligations as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
- 1% - 4% straight line
Long leasehold
- 1% straight line
Plant and equipment
- 10% straight line
Fixtures, fittings, office & promotional
- 5% to 33% on straight line
Motor vehicles
- 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
Fixed asset investments
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Stocks
Stocks comprise goods for resale and properties held for development and are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is based on the purchase cost calculated on a first-in, first-out basis.
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances are measured act cost.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies are measured at cost.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The principal estimates and judgements that could have a significant effect upon the company's financial results relate to the value of provisions in respect of writing stock down to its net realisable value.
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
356,500
53,298
Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
161,031
147,012
Loss/(profit) on disposal of tangible fixed assets
558
(2,151)
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,850
6,000
Audit of the financial statements of the company's subsidiaries
17,050
12,650
24,900
18,650
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
3
3
Administration and warehouse
155
-
-
-
Total
158
3
3
3
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,761,843
Social security costs
201,077
Pension costs
62,704
46,667
33,333
46,667
2,025,624
46,667
33,333
46,667
In the previous year, all staff were employed by a related company. As of 1 April 2023, all staff were transferred to Winfield's Limited under the Transfer of Undertakings (Protection of Employment) Regulations (TUPE).
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
15,167
-
Company pension contributions to defined contribution schemes
33,333
46,667
48,500
46,667
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 21 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
356,500
53,298
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
35,444
16,236
Other interest
894
-
Total finance costs
36,338
16,236
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(140,242)
Deferred tax
Origination and reversal of timing differences
(111,110)
82,887
Adjustment in respect of prior periods
49
Total deferred tax
(111,061)
82,887
Total tax credit
(111,061)
(57,355)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(7,014,043)
(484,045)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
(1,685,475)
(91,969)
Tax effect of expenses that are not deductible in determining taxable profit
60,890
6,657
Effect of change in corporation tax rate
(62,850)
19,893
Depreciation on assets not qualifying for tax allowances
22,413
8,064
Deferred tax adjustments in respect of prior years
49
Deferred tax asset not recognised
1,553,912
Taxation credit
(111,061)
(57,355)
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
10
Taxation
(Continued)
- 22 -
A deferred tax asset of £1.4m has not been recognised. The asset arises due to the availability of tax losses but has not been recognised as there uncertainty as to when these losses would be relieved.
The losses amount to £5,5m.
11
Tangible fixed assets
Group
Freehold buildings
Long leasehold
Plant and equipment
Fixtures, fittings, office & promotional
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
4,384,829
70,000
17,975
977,125
79,080
5,529,009
Additions
21,951
1,677
23,628
Business combinations
1,328,572
1,328,572
Disposals
(11,118)
(25,411)
(36,529)
At 30 January 2024
5,735,352
70,000
17,975
967,684
53,669
6,844,680
Depreciation and impairment
At 1 February 2023
1,371,253
18,796
10,500
553,205
44,884
1,998,638
Depreciation charged in the year
98,195
700
1,238
53,932
6,966
161,031
Eliminated in respect of disposals
(1,887)
(5,082)
(6,969)
Business combinations
580,634
580,634
At 30 January 2024
2,050,082
19,496
11,738
605,250
46,768
2,733,334
Carrying amount
At 30 January 2024
3,685,270
50,504
6,237
362,434
6,901
4,111,346
At 31 January 2023
3,013,576
51,204
7,475
423,920
34,196
3,530,371
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
11
Tangible fixed assets
(Continued)
- 23 -
Company
Freehold buildings
Long leasehold
Plant and equipment
Fixtures, fittings, office & promotional
Total
£
£
£
£
£
Cost
At 1 February 2023
7,035,675
70,000
3,200
7,108,875
Additions
21,951
21,951
Transfers
484,604
484,604
At 30 January 2024
7,057,626
70,000
3,200
484,604
7,615,430
Depreciation and impairment
At 1 February 2023
2,076,719
18,796
960
2,096,475
Depreciation charged in the year
71,623
700
320
72,643
Transfers
165,064
165,064
At 30 January 2024
2,148,342
19,496
1,280
165,064
2,334,182
Carrying amount
At 30 January 2024
4,909,284
50,504
1,920
319,540
5,281,248
At 31 January 2023
4,958,956
51,204
2,240
5,012,400
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 February 2023 and 30 January 2024
1,510,560
1,510,560
The investment properties were valued on an open market value basis by an independent third party as of 31 January 2023. The directors are of the opinion that there has been no material change in the valuation of the investment properties since that date.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
365,216
101
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
101
Additions
1,171,653
At 30 January 2024
1,171,754
Impairment
At 1 February 2023
-
Impairment losses
806,538
At 30 January 2024
806,538
Carrying amount
At 30 January 2024
365,216
At 31 January 2023
101
14
Subsidiaries
Details of the company's subsidiaries at 30 January 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Winfield's Limited
Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW, United Kingdom
Footwear, clothing, accessory retailers
Ordinary
100.00
Wellington Downe Limited
Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW, United Kingdom
Property developers
Ordinary
100.00
Winfield Shoe Company Limited
Albert Mill, Mill Street Haslingden, Lancashire, BB4 5JW, United Kingdom
Dormant
Ordinary
100.00
Winfields Outdoors Limited
Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW, United Kingdom
Dormant
Ordnary
100.00
Rockchase Limited
Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW, United Kingdom
Footwear, clothing, accessory retailers
Ordnary
100.00
Willowcrest Limited
Albert Mill, Mill Street, Haslingden, Lancashire, BB4 5JW, United Kingdom
Footwear, clothing, accessory retailers
Ordinary
100.00
The following subsidiaries included in the consolidated financial statements have taken advantage of the exemption from the requirements of the Companies Act 2006 relating to the audit of accounts under section 479A of the Companies Act 2006:
Wellington Downe Limited - registered in England & Wales number 4791023
Willowcrest Ltd - registered in England & Wales number 06768221
Rockchase Ltd - registered in England & Wales number 06566782
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 25 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Properties held for development
400,000
400,000
Finished goods and goods for resale
2,750,504
3,481,461
3,150,504
3,881,461
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
176,690
278,353
12,520
16,985
Corporation tax recoverable
140,242
2,713
Amounts owed by group undertakings
-
-
397,759
1,268,787
Other debtors
266,901
5,233,806
265,583
6,486
Prepayments and accrued income
232,345
530,621
86,537
71,866
816,178
6,045,493
762,399
1,364,124
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,991,776
1,884,995
95,006
87,597
Trade creditors
1,677,985
2,260,322
45,260
16,937
Amounts owed to group undertakings
58,469
Other taxation and social security
839,245
215,460
-
-
Other creditors
1,345,397
629,668
782,544
15,006
Accruals and deferred income
109,679
57,701
13,410
10,435
5,964,082
5,048,146
994,689
129,975
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
291,388
384,182
291,388
384,182
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 26 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
386,394
471,779
386,394
471,779
Bank overdrafts
1,896,770
1,797,398
2,283,164
2,269,177
386,394
471,779
Payable within one year
1,991,776
1,884,995
95,006
87,597
Payable after one year
291,388
384,182
291,388
384,182
The borrowings are secured by fixed charges over certain properties.
The overdraft is secured by fixed charges and floating charges over the company's assets.
The loan is repayable in equal monthly instalments at an interest rate of 4% over 5 years.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
22,797
122,388
Tax losses
(11,470)
-
Revaluations
112,006
112,006
123,333
234,394
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
12,096
12,234
Tax losses
(769)
-
Revaluations
112,006
112,006
123,333
124,240
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
20
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
234,394
124,240
Credit to profit or loss
(111,061)
(907)
Liability at 30 January 2024
123,333
123,333
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,704
46,667
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
40,601
40,601
40,601
40,601
Ordinary A shares of £1 each
5,075
-
5,075
-
Ordinary B shares of £1 each
5,075
-
5,075
-
50,751
40,601
50,751
40,601
During the year, 5075 A shares and 5075 B shares were issued in exchange for shares in Willowcrest Ltd and Rockchase Ltd to allow the acquisition of these companies into the group.
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 28 -
23
Reserves
Profit and loss reserves
Within retained profits is an amount of £339,298 (2023 - £339,298) relating to non-distributable reserves, being the net effect of fair value gains and losses on investment property. Both figures reported are net of deferred tax at 25%.
Merger reserve
The merger reserve arose as a result of the acquisition of shares in Willowcrest Limited and Rockchase Limited by the parent company, which were owned by the directors of the parent. This reserve represents the difference between the nominal value of the shares issued and the fair value of the net assets acquired in the merger. The merger reserve is classified as part of equity and is not distributable.
Other reserve
The other reserve was created in 2010 as part of the consolidation process under merger accounting principles. This reserve represents the difference between the nominal value of the shares issued and the fair value of the net assets acquired during the merger. The other reserve is classified as part of equity and is not distributable.
24
Acquisition of a business
On 1 February 2023 the group acquired 100 percent of the issued capital of Willowcrest Ltd.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
747,938
-
747,938
Inventories
563,036
-
563,036
Trade and other receivables
530,368
-
530,368
Cash and cash equivalents
54,601
-
54,601
Trade and other payables
(772,691)
-
(772,691)
Total identifiable net assets
1,123,252
-
1,123,252
Goodwill
-
Total consideration
1,123,252
The consideration was satisfied by:
£
Issue of shares
1,123,252
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Loss after tax
(758,137)
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
24
Acquisition of a business
(Continued)
- 29 -
On 1 February 2023 the group acquired 100 percent of the issued capital of Rockchase Ltd.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Inventories
123,005
-
123,005
Trade and other receivables
8,010
-
8,010
Cash and cash equivalents
10,872
-
10,872
Trade and other payables
(93,486)
-
(93,486)
Total identifiable net assets
48,401
-
48,401
Goodwill
-
Total consideration
48,401
The consideration was satisfied by:
£
Issue of shares
48,401
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Loss after tax
(54,073)
25
Financial commitments, guarantees and contingent liabilities
The company is a member of a VAT group and is jointly and severally liable for any VAT debts of the group. At 31 January 2024, the VAT liability of other members of the VAT group was £nil (2023 - £166,160).
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
51,438
9,372
-
-
Between two and five years
183,333
1,438
-
-
234,771
10,810
-
-
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 30 -
27
Events after the reporting date
Subsequent to the balance sheet date - in April 2025, an administrator was appointed to the major trading subsidiary, Winfield's Limited. The company is continuing to trade.
28
Related party transactions
During the year the group purchased services amounting to £550,094 (2023 - £2,904,420) from a company controlled by the director. At the balance sheet date £12,088 (2023 - £237,764) was owed to that company.
During the year, the group sold goods amounting to £355,200 (2023 - £2,513,402) to companies and purchased goods of £nil (2023 - £289,495) from companies controlled by a director. At the balance sheet date £5,472,477 (2023 - £4,901,189) was due from those companies.
During the year, an amount of £6,425,232 (2023: £nil) was provided against as an irrecoverable amount due from companies under common control. This has been recognised as an exceptional item within the profit and loss account.
29
Directors' transactions
An amount of £778,579 was due to Mrs J S Winfield (2023 - £9,632). This loan is interest free and repayable on demand.
At the balance sheet date an amount of £116,766 was due from Miss J Winfield and £129,966 was due from Mr J O Winfield. These amounts were the maximum amounts outstanding in the year. No specific terms attached to these amounts..
30
Controlling party
The ultimate controlling party is Mrs J S Winfield.
31
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss after taxation
(6,902,982)
(426,690)
Adjustments for:
Taxation credited
(111,061)
(57,355)
Finance costs
36,338
16,236
Investment income
(356,500)
(53,298)
Loss/(gain) on disposal of tangible fixed assets
558
(2,151)
Fair value gain on investment properties
(354,824)
Depreciation and impairment of tangible fixed assets
161,031
147,012
Movements in working capital:
Decrease/(increase) in stocks
1,416,998
(707,303)
Decrease/(increase) in debtors
6,151,954
(1,940,558)
(Decrease)/increase in creditors
(57,022)
981,276
Cash generated from/(absorbed by) operations
339,314
(2,397,655)
WINFIELD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
- 31 -
32
Analysis of changes in net debt - group
1 February 2023
Cash flows
30 January 2024
£
£
£
Cash at bank and in hand
17,626
360,049
377,675
Bank overdrafts
(1,797,398)
(99,372)
(1,896,770)
(1,779,772)
260,677
(1,519,095)
Borrowings excluding overdrafts
(471,779)
85,385
(386,394)
(2,251,551)
346,062
(1,905,489)
2024-01-302023-02-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mrs J S WinfieldMr J O WinfieldMr Joseph Oleksa WinfieldMiss J 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