REGISTERED NUMBER: 09120565 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
for |
Wilson Group Holdings Limited |
REGISTERED NUMBER: 09120565 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
for |
Wilson Group Holdings Limited |
Wilson Group Holdings Limited (Registered number: 09120565) |
Contents of the Consolidated Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Wilson Group Holdings Limited |
Company Information |
for the year ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
Wilson Group Holdings Limited (Registered number: 09120565) |
Group Strategic Report |
for the year ended 31 July 2024 |
The directors present their strategic report of the company and the group for the year ended 31 July 2024. |
The principal activity of UK Docks Marine Services North Limited, UK Docks Marine Services South Limited, UK Docks Marine Services Teesside Limited, UK Docks Marine Services Mashfords Limited and UK Docks Marine Services Royal Clarence is that of ship repairs and maintenance.The principal activity of Whinstone View Limited is that of a wedding, bistro and hospitality venue |
The directors consider it appropriate to adopt the going concern basis of accounting to prepare the financial statements. |
REVIEW OF BUSINESS |
The group had a satisfactory year of trading with good sales and net profit. |
A key performance indicator used by the directors is gross profit percentage together with profit and sales growth. Details are shown below:- |
2024 | 2023 | 2022 | 2021 | 2020 |
Turnover | £51,575,517 | £33,630,912 | £28,729,622 | £30,472,307 | £26,999,147 |
Gross Profit |
£12,899,172 |
£11,055,807 |
£9,064,401 |
£7,508,518 |
£5,470,350 |
GP % | 25.01% | 32.87% | 31.55% | 24.64% | 20.35% |
The Group has seen a decrease in the GP%, as a result of the changing sales mix of the business. As the business has grown the nature of work, has evolved to include more long term contracting work, which provides a secure pipeline of work, but does have slightly lower margins. |
The order book remains healthy for the Group, and the Group continues to grow its order pipeline and grow the business. The owners of the Group continue to re-invest majority of profits generated to sustainably grow the business. |
In March 2025 the business committed to a long term lease on a neighbouring part of Teesport commerce park, in order to increase capacity within a UK Docks Marine Services Teesside Limited, to prepare for future growth. |
Wilson Group Holdings Limited (Registered number: 09120565) |
Group Strategic Report |
for the year ended 31 July 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors are of the opinion that the principal risk the group faces is economic risk and general difficult trading conditions that continue within some of its markets. |
At present, the directors feel that the general business environment is relatively stable and that good trading relationships exist with customers. The focus for the future is to increase market share and become the customers preferred choice. |
The directors continually review the risks and uncertainties during the year and performance would appear reasonable. |
FINANCIAL RISK MANAGEMENT |
The group's operations may expose it to a variety of financial risks that include the effects of changes in prices, liquidity risk currency movements and interest rate risk. The group seeks to limit the adverse effect on the financial performance of the group as follows : |
Price risk |
The directors monitor movements in market prices on a regular basis as these price movements relate to increasing sub contractor and material prices. The group has no exposure to equity securities price risk as it holds no listed or other equity investments. |
Credit risk |
The group has policies in place that require credit checks on potential customers before and after contracts are entered into. |
Liquidity risk |
The group actively maintains sufficient liquid working capital balances to fund its operations and is, therefore, not subject to significant liquidity risk. |
Interest rate risk |
The group holds interest bearing assets and liabilities. Cash balances earn interest at variable rates, the directors consider interest rate risk on cash balances to be minimal. |
Currency movements |
The group carries out minimal transactions in other currencies. The directors monitor the movement in those currencies and seek to minimise any risk. |
APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD: |
Wilson Group Holdings Limited (Registered number: 09120565) |
Report of the Directors |
for the year ended 31 July 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of ship repairs and maintenance and a wedding, bistro and hospitality venue |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
B Ordinary £1 | - | £20333.333 |
C Ordinary £1 | - | £20333.333 |
D Ordinary £1 | - | £20333.333 |
E Ordinary £1 | - £18000 |
The total distribution of dividends for the year ended 31 July 2024 will be £ 933,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The principal risks and uncertainties of the group together with a business review are disclosed within the strategic report of the company on pages 2-3 of the accounts. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Wilson Group Holdings Limited (Registered number: 09120565) |
Report of the Directors |
for the year ended 31 July 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, TTR Barnes Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD: |
Report of the Independent Auditors to the Members of |
Wilson Group Holdings Limited |
Opinion |
We have audited the financial statements of Wilson Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Wilson Group Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Wilson Group Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the companies through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sectors; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; |
- and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Wilson Group Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
Wilson Group Holdings Limited (Registered number: 09120565) |
Consolidated |
Statement of Comprehensive |
Income |
for the year ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 51,575,517 | 33,630,912 |
Cost of sales | 38,676,345 | 22,575,105 |
GROSS PROFIT | 12,899,172 | 11,055,807 |
Administrative expenses | 6,535,414 | 4,712,253 |
6,363,758 | 6,343,554 |
Other operating income | 4 | 290,631 | 247,720 |
OPERATING PROFIT | 6 | 6,654,389 | 6,591,274 |
Interest receivable and similar income | 8 | 130,688 | 5,051 |
6,785,077 | 6,596,325 |
Interest payable and similar expenses | 9 | 7,955 | 14,070 |
PROFIT BEFORE TAXATION | 6,777,122 | 6,582,255 |
Tax on profit | 10 | 1,836,984 | 1,563,116 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
4,940,138 |
5,019,139 |
Profit attributable to: |
Owners of the parent | 4,940,138 | 5,019,139 |
Total comprehensive income attributable to: |
Owners of the parent | 4,940,138 | 5,019,139 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Consolidated Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 | 764,579 | 1,069,291 |
Tangible assets | 14 | 8,866,993 | 6,161,619 |
Investments | 15 | - | - |
9,631,572 | 7,230,910 |
CURRENT ASSETS |
Stocks | 16 | 242,224 | 28,362 |
Debtors | 17 | 13,301,126 | 11,703,064 |
Cash at bank and in hand | 18,820,142 | 8,051,440 |
32,363,492 | 19,782,866 |
CREDITORS |
Amounts falling due within one year | 18 | 18,568,963 | 7,655,639 |
NET CURRENT ASSETS | 13,794,529 | 12,127,227 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
23,426,101 |
19,358,137 |
CREDITORS |
Amounts falling due after more than one year |
19 |
(57,459 |
) |
(138,450 |
) |
PROVISIONS FOR LIABILITIES | 22 | (353,986 | ) | (212,169 | ) |
NET ASSETS | 23,014,656 | 19,007,518 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 100 | 100 |
Retained earnings | 24 | 23,014,556 | 19,007,418 |
SHAREHOLDERS' FUNDS | 23,014,656 | 19,007,518 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by: |
G Wilson - Director |
Wilson Group Holdings Limited (Registered number: 09120565) |
Company Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,510,986 | 1,744,095 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wilson Group Holdings Limited (Registered number: 09120565) |
Consolidated Statement of Changes in Equity |
for the year ended 31 July 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 | 100 | 14,660,279 | 14,660,379 |
Changes in equity |
Dividends | - | (672,000 | ) | (672,000 | ) |
Total comprehensive income | - | 5,019,139 | 5,019,139 |
Balance at 31 July 2023 | 100 | 19,007,418 | 19,007,518 |
Changes in equity |
Dividends | - | (933,000 | ) | (933,000 | ) |
Total comprehensive income | - | 4,940,138 | 4,940,138 |
Balance at 31 July 2024 | 100 | 23,014,556 | 23,014,656 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Company Statement of Changes in Equity |
for the year ended 31 July 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Consolidated Cash Flow Statement |
for the year ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 16,511,189 | 3,582,117 |
Interest paid | (2,751 | ) | (8,015 | ) |
Interest element of hire purchase payments paid |
(5,204 |
) |
(6,055 |
) |
Tax paid | (1,956,333 | ) | (884,517 | ) |
Net cash from operating activities | 14,546,901 | 2,683,530 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (9,329 | ) |
Purchase of tangible fixed assets | (2,901,906 | ) | (1,252,921 | ) |
Sale of tangible fixed assets | - | 101,897 |
Interest received | 130,688 | 5,051 |
Net cash from investing activities | (2,771,218 | ) | (1,155,302 | ) |
Cash flows from financing activities |
Capital repayments in year | (73,981 | ) | (33,908 | ) |
Amount introduced by directors | - | 61,349 |
Amount withdrawn by directors | - | (8,349 | ) |
Equity dividends paid | (933,000 | ) | (672,000 | ) |
Net cash from financing activities | (1,006,981 | ) | (652,908 | ) |
Increase in cash and cash equivalents | 10,768,702 | 875,320 |
Cash and cash equivalents at beginning of year |
2 |
8,051,440 |
7,176,120 |
Cash and cash equivalents at end of year | 2 | 18,820,142 | 8,051,440 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 31 July 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 6,777,122 | 6,582,255 |
Depreciation charges | 479,994 | 418,419 |
Loss/(profit) on disposal of fixed assets | 21,250 | (18,762 | ) |
Amounts recoverable on contract | - | (3,527,348 | ) |
Finance costs | 7,955 | 14,070 |
Finance income | (130,688 | ) | (5,051 | ) |
7,155,633 | 3,463,583 |
Increase in stocks | (213,862 | ) | (7,259 | ) |
Increase in trade and other debtors | (1,619,772 | ) | (2,134,865 | ) |
Increase in trade and other creditors | 11,189,190 | 2,260,658 |
Cash generated from operations | 16,511,189 | 3,582,117 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 July 2024 |
31/7/24 | 1/8/23 |
£ | £ |
Cash and cash equivalents | 18,820,142 | 8,051,440 |
Year ended 31 July 2023 |
31/7/23 | 1/8/22 |
£ | £ |
Cash and cash equivalents | 8,051,440 | 7,176,120 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/8/23 | Cash flow | At 31/7/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 8,051,440 | 10,768,702 | 18,820,142 |
8,051,440 | 10,768,702 | 18,820,142 |
Debt |
Finance leases | (200,797 | ) | 73,981 | (126,816 | ) |
(200,797 | ) | 73,981 | (126,816 | ) |
Total | 7,850,643 | 10,842,683 | 18,693,326 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements |
for the year ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Wilson Group Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider to be appropriate. |
Basis of consolidation |
The financial statements consolidate the financial statements of Wilson Group Holdings limited and its subsidiaries; UK Docks Marine Services North Limited, UK Docks Marine Services South Limited, UK Docks Marine Services Teesside Limited, Whinstone View Limited, UK Docks Royal Clarence Yard Limited, UKDocks Mashfords Limited. The financial statements are made up to 31 July 2024. Transactions between group companies have been eliminated on consolidation. No separate profit and loss account for Wilson Group Holdings Limited is presented as permitted by Section 406 of the Companies Act 2006. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The following judgements and estimates have been made in the process of applying the above accounting policies that have had the most significant affect on amounts recognised in financial statements; |
Deposits |
Deposits are monies paid in advance for hotel events and stays and they are an area subject to significant judgement on when the monies should be recognised as income. The accounting judgement is that monies are to be held on the deposits ledger for future events and should not be recognised as income in the financial year until the services have been provided. |
Amounts recoverable on contract |
management review contracts and work completed to date to estimate the stage of completion of the projects. THey also use their knowledge in the area to determine if there are any losses to be recognised. |
Depreciation |
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset. An estimate of the useful economic life of the asset have been detailed in the depreciation accounting policy. |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Income recognition |
Where there are contracts which are gradually performed over time, revenue is recognised by reference to an assessment of the fair value of the services provided as a proportion of the total fair value of the contract. |
When the company receives the deposit it is recognised as a liability, and once the company carries out the event the deposit is recognised in turnover. |
Long-term contract income |
For our long-term contracts, because of control transferring over time, revenue is recognised based on the extent of progress towards completion of the performance obligations. We use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. |
Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. Any expected losses on maintenance and repair type contracts in progress are charged to earnings, in total, in the period the losses are recognised in provision's. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Assets under construction | - |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Improvements to property is depreciated at varied rates based on the useful life of the individual asset. |
Leasehold property have no formal lease agreement and so additions have not been depreciated. |
Land is not depreciated as it expected to appreciate over time. |
Stock |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Assets |
Short term assets including prepayments and trade debtors are measured at transaction price. Other financial assets including cash are measured at fair value. |
Liabilities |
Short term liabilities including trade creditors and accruals are measured at transaction price. Other financial liabilities including loans are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Amounts recoverable on contracts |
Amounts recoverable on contracts are in respect of revenue generating contracts entered into which are not yet complete. Long term contract costs incurred are released to the profit and loss account as they fall due. Revenue is valued using a stage of completion method and recognised accordingly in the period for which the corresponding costs have been recognised. They are reviewed on a contract by contract basis and any foreseeable losses are recognised immediately in the profit and loss account. |
Customer deposits |
When the company receives the deposit it is recognised as a liability, and once the company carries out the event the deposit is recognised in turnover. |
3. | TURNOVER |
The revenue shown in the consolidated income statement was made up as follows: |
2024 | 2023 |
£ | £ |
Ship repair and maintenance | 48,135,021 | 29,882,600 |
Marine boat storage facilities | 1,025,289 | 705,779 |
Hotel accommodation and events | 2,415,207 | 2,049,997 |
Total revenue | 51,575,517 | 32,638,376 |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Sundry receipts | 100,047 | 30,238 |
Commission receivable | 109,499 | 147,740 |
Hire of plant and machinery | 76,453 | 67,870 |
Rent deductions | 4,632 | 1,872 |
290,631 | 247,720 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,735,022 | 4,870,410 |
Social security costs | 646,145 | 449,312 |
Other pension costs | 99,584 | 74,049 |
7,480,751 | 5,393,771 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 5 | 5 |
Administration | 28 | 24 |
Production | 199 | 156 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration | 26,024 | 74,771 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 479,957 | 387,940 |
Depreciation - owned assets | 169,731 | 110,534 |
Depreciation - assets on hire purchase contracts | 5,551 | 3,791 |
Loss/(profit) on disposal of fixed assets | 21,250 | (18,762 | ) |
Goodwill amortisation | 302,846 | 302,847 |
Computer software amortisation | 1,866 | 1,246 |
Foreign exchange differences | 61,036 | 521 |
7. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
83,981 |
68,000 |
Auditors' remuneration for non audit work | 30,716 | 23,333 |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest | 117,338 | 3,985 |
Other interest | 2,315 | - |
Corporation tax interest | 11,035 | 1,066 |
130,688 | 5,051 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Discounted interest charge | 2,751 | 8,015 |
Hire purchase | 5,204 | 6,055 |
7,955 | 14,070 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 1,695,432 | 1,428,290 |
Prior year corporation tax adj | (265 | ) | - |
Interest received on tax | - | (5,561 | ) |
Total current tax | 1,695,167 | 1,422,729 |
Deferred tax | 141,817 | 140,387 |
Tax on profit | 1,836,984 | 1,563,116 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 6,777,122 | 6,582,255 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.010 %) |
1,694,281 |
1,382,932 |
Effects of: |
Expenses not deductible for tax purposes | 11,867 | 13,400 |
Capital allowances in excess of depreciation | (4,865 | ) | - |
Depreciation in excess of capital allowances | - | 28,997 |
Deferred Tax | 141,819 | 133,619 |
Rounding | (2 | ) | - |
Losses | - | 5,878 |
Previous year adjustment | (265 | ) | - |
Adjustment for change in tax rate | - | (3,990 | ) |
Structural and buildings allowance | (5,851 | ) | 2,280 |
Total tax charge | 1,836,984 | 1,563,116 |
11. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
12. | DIVIDENDS |
2024 | 2023 |
£ | £ |
B Ordinary shares of £1 each |
Interim | 305,000 | 218,000 |
C Ordinary shares of £1 each |
Interim | 305,000 | 218,000 |
D Ordinary shares of £1 each |
Interim | 305,000 | 218,000 |
E Ordinary share of £1 |
Interim | 18,000 | 18,000 |
933,000 | 672,000 |
13. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 August 2023 |
and 31 July 2024 | (1,266,911 | ) | 9,329 | (1,257,582 | ) |
AMORTISATION |
At 1 August 2023 | (2,328,119 | ) | 1,246 | (2,326,873 | ) |
Amortisation for year | 302,846 | 1,866 | 304,712 |
At 31 July 2024 | (2,025,273 | ) | 3,112 | (2,022,161 | ) |
NET BOOK VALUE |
At 31 July 2024 | 758,362 | 6,217 | 764,579 |
At 31 July 2023 | 1,061,208 | 8,083 | 1,069,291 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
14. | TANGIBLE FIXED ASSETS |
Group |
Assets | Improvements |
Freehold | under | Long | to |
property | construction | leasehold | property |
£ | £ | £ | £ |
COST |
At 1 August 2023 | 2,918,828 | - | 1,155,012 | 1,658,396 |
Additions | 1,390,470 | 397,334 | 72,242 | 583,383 |
Disposals | - | - | - | - |
At 31 July 2024 | 4,309,298 | 397,334 | 1,227,254 | 2,241,779 |
DEPRECIATION |
At 1 August 2023 | - | - | 55,351 | 1,796 |
Charge for year | - | - | 9,891 | 5,118 |
Eliminated on disposal | - | - | - | - |
At 31 July 2024 | - | - | 65,242 | 6,914 |
NET BOOK VALUE |
At 31 July 2024 | 4,309,298 | 397,334 | 1,162,012 | 2,234,865 |
At 31 July 2023 | 2,918,828 | - | 1,099,661 | 1,656,600 |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2023 | 571,624 | 189,064 | 94,499 | 71,011 | 6,658,434 |
Additions | 356,724 | 77,559 | 2,500 | 21,694 | 2,901,906 |
Disposals | (3,758 | ) | (33,569 | ) | - | - | (37,327 | ) |
At 31 July 2024 | 924,590 | 233,054 | 96,999 | 92,705 | 9,523,013 |
DEPRECIATION |
At 1 August 2023 | 319,366 | 62,597 | 13,045 | 44,660 | 496,815 |
Charge for year | 104,462 | 34,609 | 8,530 | 12,672 | 175,282 |
Eliminated on disposal | (748 | ) | (15,329 | ) | - | - | (16,077 | ) |
At 31 July 2024 | 423,080 | 81,877 | 21,575 | 57,332 | 656,020 |
NET BOOK VALUE |
At 31 July 2024 | 501,510 | 151,177 | 75,424 | 35,373 | 8,866,993 |
At 31 July 2023 | 252,258 | 126,467 | 81,454 | 26,351 | 6,161,619 |
The loans included within creditors are secured by way of a debenture over the property of the Group. |
Assets held on Hire purchases are secured against the asset. |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
14. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 | 25,995 |
DEPRECIATION |
At 1 August 2023 | 3,791 |
Charge for year | 5,551 |
At 31 July 2024 | 9,342 |
NET BOOK VALUE |
At 31 July 2024 | 16,653 |
At 31 July 2023 | 22,204 |
Company |
Freehold |
property |
£ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
15. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
The following subsidiaries form part of the Wilson Group Holdings Limited Group: |
UK Docks Marine Services North Limited |
The principal activity of this company is that of marine engineering, ship repair and maintenance |
UK Docks Marine Services South Limited |
The principal activity of this company is that of marine engineering, ship repair and maintenance |
UK Docks Marine Services Teesside Limited |
The principal activity of this company is marine engineering, ship repair and maintenance. |
UKDocks Mashfords Limited |
The principal activity of this company is that of marine engineering, ship repair and maintenance |
UK Docks Royal Clarence Limited |
The principal activity of this company is that of marine engineering, ship repair and maintenance |
Whinstone View Limited |
The principal activity of the company is that of a wedding, bistro and hospitality venue. |
100% of share capital and voting rights in the subsidiaries is owned by Wilson Group Holding Limited as shown: |
Number of shares: |
Class: |
Nominal Value: |
£ |
UK Docks Marine Services North Limited | 54 | A Ordinary | £1 | 54 |
15 | B Ordinary | £1 | 15 |
15 | C Ordinary | £1 | 15 |
15 | D Ordinary | £1 | 15 |
1 | E Ordinary | £1 | 1 |
100 |
UK Docks Marine Services South Limited | 54 | A Ordinary | £1 | 54 |
15 | B Ordinary | £1 | 15 |
15 | C Ordinary | £1 | 15 |
15 | D Ordinary | £1 | 15 |
1 | E Ordinary | £1 | 1 |
100 |
UK Docks Marine Services Teesside Limited | 54 | A Ordinary | £1 | 54 |
15 | B Ordinary | £1 | 15 |
15 | C Ordinary | £1 | 15 |
15 | D Ordinary | £1 | 15 |
1 | E Ordinary | £1 | 1 |
100 |
UKDocks Mashfords Limited | 4 | A Ordinary | £1 | 4 |
UKDocks Royal Clarence Limited | 1 | Ordinary | £1 | 1 |
Whinstone View Limited | 100 | Ordinary | £1 | 100 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
405 |
Each of the companies within Wilson Group Holdings Limited operate from the same registered office, being: |
River Drive |
South Shields |
Tyne & Wear |
NE33 1LH |
16. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 34,275 | 28,362 |
Work-in-progress | 207,949 | - |
242,224 | 28,362 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,830,362 | 1,906,079 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 6,163,022 | 6,788,008 |
Other debtors | 2,860,600 | 2,454,301 |
Tax | 34,562 | 56,272 |
VAT | 206,963 | 264,305 |
Prepayments and accrued income | 2,180,484 | 234,099 |
Prepayments | 25,133 | - |
13,301,126 | 11,703,064 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 20) | 69,357 | 62,347 |
Trade creditors | 7,606,152 | 4,892,549 |
Amounts owed to group undertakings | - | - |
Tax | 510,663 | 793,539 |
Social security and other taxes | 162,754 | 149,210 |
Other creditors | 33,601 | 153,387 |
Customer Deposits | 229,495 | 293,596 | - | - |
Deferred income | 7,858,510 | 540,152 |
Accrued expenses | 2,098,431 | 770,859 |
18,568,963 | 7,655,639 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 20) | 57,459 | 138,450 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 69,357 | 62,347 |
Between one and five years | 57,459 | 138,450 |
126,816 | 200,797 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 350,143 | 349,748 |
Between one and five years | 822,185 | 967,431 |
In more than five years | 1,912,673 | 2,080,944 |
3,085,001 | 3,398,123 |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 126,816 | 200,797 |
Hire purchase contracts are secured upon the assets to which they relate. |
There is a group offset agreement in place between UK Docks Marine Services South Ltd, UK Docks Marine Services North Ltd and UK Docks Marine Services Teesside Ltd. |
There is a 1st legal charge over cash in place dated 10/07/2023 in UK Docks Marine Services North Limited. |
There is an unlimited debenture dated 27/9/2002 in UK Docks Marine Services North Limited. |
22. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 353,986 | 212,169 |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2023 | 212,169 |
Provided during year | 141,817 |
Balance at 31 July 2024 | 353,986 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 54 | 54 |
B Ordinary | £1 | 15 | 15 |
C Ordinary | £1 | 15 | 15 |
D Ordinary | £1 | 15 | 15 |
1 | E Ordinary | £1 | 1 | 1 |
100 | 100 |
Called up share capital represents the nominal value of the shares that have been issued. |
All shares have full voting, dividend and capital distribution rights (upon winding up). |
Wilson Group Holdings Limited (Registered number: 09120565) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 July 2024 |
24. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 August 2023 | 19,007,418 |
Profit for the year | 4,940,138 |
Dividends | (933,000 | ) |
At 31 July 2024 | 23,014,556 |
Company |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2024 |
25. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Key Management |
Key management remuneration | 357,040 | 61,320 |
Other related party |
Transfers | 70,734 | 1,093,285 |
Balance | 1,940,743 | 1,870,009 |
No interest was charged. |
26. | AUDITOR LIABILITY LIMITATION AGREEMENT |
The limitation of liability in respect of this audit is 10 times the audit fee which was agreed in our terms of engagement letter dated 1st August 2023. |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is H Wilson by virtue of their majority shareholding. |