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Registered number: SC170250













          Henry Winning & Co Limited
          Financial statements
          For the Year Ended 30 September 2024















           img1586.png

 
Henry Winning & Co Limited
 
 
Company Information


Directors
S Revill 
K Revill 




Registered number
SC170250



Registered office
16 - 18 Caroline Street
Parkhead

Glasgow

Lanarkshire

G31 5DD




Independent auditors
Dains Audit Limited

2 Chamberlain Square

Paradise Circus

Birmingham

B3 3AX





 
Henry Winning & Co Limited
 

Contents



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 12


 
Henry Winning & Co Limited
Registered number:SC170250

Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
30,000
45,000

Tangible assets
 5 
1,054,128
1,056,143

  
1,084,128
1,101,143

Current assets
  

Stocks
 6 
429,004
491,520

Debtors: amounts falling due within one year
 7 
638,115
566,301

Cash at bank and in hand
 8 
20,729
20,220

  
1,087,848
1,078,041

Creditors: amounts falling due within one year
 9 
(254,184)
(317,051)

Net current assets
  
 
 
833,664
 
 
760,990

Total assets less current liabilities
  
1,917,792
1,862,133

Creditors: amounts falling due after more than one year
 10 
(11,753)
(21,479)

Provisions for liabilities
  

Deferred tax
 12 
(253,000)
(253,000)

Net assets
  
1,653,039
1,587,654


Capital and reserves
  

Called up share capital 
 13 
2
2

Profit and loss account
 14 
1,653,037
1,587,652

  
1,653,039
1,587,654


Page 1

 
Henry Winning & Co Limited
Registered number:SC170250
    
Balance Sheet (continued)
As at 30 September 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2025.




___________________________
S Revill
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

Henry Winning & Co Limited is a private company, limited by shares and incorporated in Scotland under the Companies Act. The address of the registered office is given in the company information section. The nature of the company's operation and its principal activities continued to be that of the manufacture of twine. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Sale of goods

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

Page 3

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

The estimated useful lives range as follows:

      Goodwill                                            -                               7.5% straight line


 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

Depreciation is provided on the following basis:

Leasehold improvements
-
5% straight line
Plant and machinery
-
5% reducing balance and 5% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
10% reducing balance and 10% straight line

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

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

Page 4

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

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

 
2.6

Debtors

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

 
2.7

Cash and cash equivalents

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

 
2.8

Creditors

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

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.10

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.11

Leased assets

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.12

Pensions

Defined contribution pension plan

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

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

 
2.13

Current and deferred taxation

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

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

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

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


Page 6

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 
2.15

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.16

Dividends

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


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023 -22).

Page 7

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 October 2023
200,000



At 30 September 2024

200,000



Amortisation


At 1 October 2023
155,000


Charge for the year on owned assets
15,000



At 30 September 2024

170,000



Net book value



At 30 September 2024
30,000



At 30 September 2023
45,000


Amortisation is charged to administrative expenses in the statement of income and retained earnings.

Page 8

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

5.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
48,039
1,636,734
-
47,371
1,732,144


Additions
-
1,450
55,168
11,866
68,484


Disposals
-
(114,550)
-
-
(114,550)



At 30 September 2024

48,039
1,523,634
55,168
59,237
1,686,078



Depreciation


At 1 October 2023
16,671
627,806
-
31,524
676,001


Charge for the year on owned assets
2,401
57,304
7,809
2,985
70,499


Disposals
-
(114,550)
-
-
(114,550)



At 30 September 2024

19,072
570,560
7,809
34,509
631,950



Net book value



At 30 September 2024
28,967
953,074
47,359
24,728
1,054,128



At 30 September 2023
31,368
1,008,928
-
15,847
1,056,143


6.


Stocks

2024
2023
£
£

Raw materials
165,266
241,140

Work in progress
56,368
60,165

Finished goods
207,370
190,215

429,004
491,520




Page 9

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

7.


Debtors

2024
2023
£
£


Trade debtors
384,880
366,752

Amounts owed by group undertakings
95,118
100,647

Other debtors
113,268
58,783

Prepayments and accrued income
44,849
40,119

638,115
566,301



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
20,729
20,220



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,647
10,647

Trade creditors
80,014
163,468

Amounts owed to group undertakings
12,425
11,580

Corporation tax
27,585
38,434

Other taxation and social security
66,307
23,092

Other creditors
5,145
15,238

Accruals and deferred income
52,061
54,592

254,184
317,051



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,753
21,479


Page 10

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,647
10,647

Amounts falling due 1-2 years

Bank loans
11,753
10,647

Amounts falling due 2-5 years

Bank loans
-
10,832


Total
22,400
32,126


During 2021, the company obtained a government bounce back loan (BBLS).  The loan is repayable over 60 months of equal installments. Interest is charged at 2.5% per annum.  The UK government have provided a guarantee for the debt.


12.


Deferred taxation




2024
2023


£

£






At beginning of year
(253,000)
(270,000)


Charged to profit or loss
-
17,000



At end of year
(253,000)
(253,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(253,000)
(253,000)

Page 11

 
Henry Winning & Co Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 -2) Ordinary shares of £1.00 each
2
2



14.


Reserves

Profit and loss account

The profit and loss account reserve represents cumulative profits and losses, net of dividends paid.


15.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £69,850 (2023 - £56,868). There were amounts outstanding at the balance sheet date of £1,437 (2023 - £1,278).


16.
Controlling Party

At 30 September 2024, the immediate parent undertaking is Trunet Group Holdings Limited, a company incorporated and registered in England and Wales. Copies of the financial statements for Trunet Group Holdings Limited can be obtained from its registered office, Trunet House, Unit D, Norman Court, Ashby-De-La-Zouch, England, LE65 2UZ.
At 30 September 2024, the Directors considered the ultimate controlling party to be S Revill.



17.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 1 May 2025 by Julian Townsend FCA FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited.

 
Page 12