| REGISTERED NUMBER: 08093201 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 27 December 2023 |
| for |
| Woodville Consultants Limited |
| REGISTERED NUMBER: 08093201 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 27 December 2023 |
| for |
| Woodville Consultants Limited |
| Woodville Consultants Limited (Registered number: 08093201) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 27 December 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other 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 |
| Woodville Consultants Limited |
| Company Information |
| for the Year Ended 27 December 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 116 Duke Street |
| Liverpool |
| Merseyside |
| L1 5JW |
| Woodville Consultants Limited (Registered number: 08093201) |
| Group Strategic Report |
| for the Year Ended 27 December 2023 |
| The directors present their strategic report of the company and the group for the year ended 27 December 2023. |
| The Directors present their Strategic Report for Woodville Consultants Limited ("the Company") and its subsidiaries (together the "Group") together with the financial statements for the year ended 27 December 2023. |
| REVIEW OF BUSINESS |
| Woodville Consultants Limited ('the Group') is a specialist provider to law firms, providing cost-effective loans to reputable SRA regulated law firms. |
| The provision of those loans provide the law firms with the necessary funds to pursue litigation claims, primarily in the Personal Contract Purchase (PCP) market. |
| The primary source of income for the Group is interest charged on the loans receivable from the portfolio of law firms. |
| In the year ended 27 December 2023 the Group continued to experience excellent growth in revenue due to increase in loans issued to law firms and associated interest. Revenue increased by 8% to £39,401,330 (2022: £36,453,510). |
| Profit before tax was reduced to £4,799,083 (2022: £6,517,594) however, it is worth noting that the comparative period was an 18-month period wheres as the 2023 financial statements are for 12 months. If the 2023 financial results were extrapolated to 18-months, the Group would likely have seen profit growth when compared to the prior period. |
| Nevertheless, the Group still delivered profit before tax margins of 12% (2022: 18%) maintaining the success of the current strategies being deployed. |
| Along with the direct loan note investments Woodville has, since 2019, issued 8 series of Bonds all repaid in full and on time, 6 live Bonds currently available. All Bonds are for a term of approximately 2 years, paying an 11% per coupon paid quarterly in arrears. The purpose of the company is to utilise any capital raise for the onward lending to our panel of UK law firms. |
| Strategy |
| The objective of the Group is to build on its successful historic performance in the litigation funding sector. The Group aims to achieve this by increasing its capital raising efforts to deploy higher levels of capital into our panel of UK law firms. |
| The Group enjoys well positioned strategic relationships with many of the key market providers in this sector. Contracts are held with some of the largest Claims Management Companies (CMC's), medical, surveyor and financial experts providing evidential reports to underwrite claims we loan on. |
| Woodville Consultants Limited anticipates continued growth in the litigation finance sector. 2023 has seen the Group move aggressively into the Personal Contract Purchase (PCP) arena following numerous reports coupled with independent documentary evidence of the systemic mis-selling of car finance agreements dating back to 2007, as evidenced by the FCA investigation and subsequent report in March 2019. |
| Woodville Consultants Limited continuously reviews all markets into which it funds, such as Housing Disrepair and Road Traffic Accidents. However, the commercial decision based upon extensive research and the FCA published report, referenced above, PCP was the main focus for 2023 and will continue into 2024. |
| Woodville Consultants Limited (Registered number: 08093201) |
| Group Strategic Report |
| for the Year Ended 27 December 2023 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Liquidity Risk |
| The Directors consider the principal risk and uncertainty facing the Group to be its ability to service the capital and interest payments which is dependent on the performance of the Group. |
| As the Group is owed a significant amount in loans receivable from law firms, the Directors have considered and taken steps to mitigate the risk of defaulting on loans. There are After The Event (ATE) insurance premiums in place should any of the law firms be unable to repay the loans and cover repayment of those loans. |
| The Directors have considered the liquidity of the Woodville Consultants Limited Group to ensure that the Group is able to make interest and capital repayments at the appropriate times, and as the Woodville Consultants Limited Group is solvent, they are satisfied that it will be in a position to do so. |
| Foreign Currency Risk |
| In addition to the principal risk noted above, the Directors also consider foreign exchange rate fluctuation to be a risk to the Group due the potential volatility in rates. During the year, the Group made a gain on foreign currency due to an increase in the USD rate. |
| In the 2023 financial year, the Group did not have any hedging measures in place to reduce the risk of fluctuation in foreign currency rates but in the current year the Directors are exploring options to implement hedging in order to manage risks moving forward. |
| Interest Rate Risk |
| The issue of bonds with a fixed coupon minimises any financial risk to the Woodville Consultants Limited Group as a result of interest rate fluctuations. |
| The terms of the loan notes and bonds require that as long as they remain outstanding, Woodville Consultants Limited Group is required to ensure that at each reporting date, the Woodville Consultants Limited Group had sufficient funds to meet its capital and interest payments, this condition was met. |
| ON BEHALF OF THE BOARD: |
| 20 May 2025 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Report of the Directors |
| for the Year Ended 27 December 2023 |
| The directors present their report with the financial statements of the company and the group for the year ended 27 December 2023. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 27 December 2023. |
| FUTURE DEVELOPMENTS |
| Information regarding future developments is included in the Strategic report. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 28 December 2022 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| 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. |
| 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Woodville Consultants Limited |
| Opinion |
| We have audited the financial statements of Woodville Consultants Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 27 December 2023 which comprise the Consolidated Income Statement, Consolidated Other 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 27 December 2023 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 |
| Woodville Consultants 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 Statement of Directors' Responsibilities 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 |
| Woodville Consultants 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Identifying and Assessing Potential Risks Related to Irregularities |
| Enquiring of management, including obtaining and reviewing supporting documentation concerning the group's |
| 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 related to fraud or non-compliance with laws and regulations. |
| Discussing among the engagement team including relevant internal specialists, including tax, valuations, pensions and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws |
| and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group. |
| The key laws and regulations we considered in this context included the Companies Act 2006, Pension |
| legislation, Tax legislation, and Health and Safety requirements. |
| Audit Response to Risks Identified |
| In addition to the above, our procedures to respond to risks identified included the following: |
| Reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with |
| relevant laws and regulations discussed above. |
| 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 and in addressing the risk 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 potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the |
| normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and |
| remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| 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. |
| Other matters |
| The comparative year, 27th December 2022, has not been audited. Sufficient evidence has been obtained to ensure that the opening balances do not contain misstatements that materially affect the current year's financial statements. |
| Report of the Independent Auditors to the Members of |
| Woodville Consultants 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 |
| 116 Duke Street |
| Liverpool |
| Merseyside |
| L1 5JW |
| Woodville Consultants Limited (Registered number: 08093201) |
| Consolidated |
| Income Statement |
| for the Year Ended 27 December 2023 |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| Notes | £ | £ |
| TURNOVER | 3 | 39,401,330 | 36,453,510 |
| Cost of sales | 35,504,707 | 24,750,325 |
| GROSS PROFIT | 3,896,623 | 11,703,185 |
| Administrative expenses | 1,574,925 | 5,180,991 |
| 2,321,698 | 6,522,194 |
| Other operating income | 2,477,312 | - |
| OPERATING PROFIT | 5 | 4,799,010 | 6,522,194 |
| Interest receivable and similar income | 695 | - |
| 4,799,705 | 6,522,194 |
| Interest payable and similar expenses | 6 | 622 | 4,600 |
| PROFIT BEFORE TAXATION | 4,799,083 | 6,517,594 |
| Tax on profit | 7 | 1,121,829 | 1,258,581 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 3,677,254 | 5,259,013 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 27 December 2023 |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 3,677,254 | 5,259,013 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,677,254 |
5,259,013 |
| Total comprehensive income attributable to: |
| Owners of the parent | 3,677,254 | 5,259,013 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Consolidated Balance Sheet |
| 27 December 2023 |
| 27.12.23 | 27.12.22 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 10,772 | 5,404 |
| Tangible assets | 11 | 42,814 | 38,522 |
| Investments | 12 | - | - |
| 53,586 | 43,926 |
| CURRENT ASSETS |
| Debtors | 13 | 190,715,548 | 133,831,258 |
| Cash at bank | 14 | 11,548,772 | 3,657,815 |
| 202,264,320 | 137,489,073 |
| CREDITORS |
| Amounts falling due within one year | 15 | 107,759,891 | 71,818,697 |
| NET CURRENT ASSETS | 94,504,429 | 65,670,376 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
94,558,015 |
65,714,302 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(85,085,801 |
) |
(59,930,046 |
) |
| PROVISIONS FOR LIABILITIES | 19 | (10,704 | ) | - |
| NET ASSETS | 9,461,510 | 5,784,256 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 1,000 | 1,000 |
| Retained earnings | 21 | 9,460,510 | 5,783,256 |
| SHAREHOLDERS' FUNDS | 9,461,510 | 5,784,256 |
| The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by: |
| Mr P J Legge - Director |
| Mrs A M Bell - Director |
| Woodville Consultants Limited (Registered number: 08093201) |
| Company Balance Sheet |
| 27 December 2023 |
| 27.12.23 | 27.12.22 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank | 14 |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Revaluation reserve | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 2,606,537 | 3,126,718 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Woodville Consultants Limited (Registered number: 08093201) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 27 December 2023 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 29 June 2021 | 1,000 | 650,743 | 651,743 |
| Changes in equity |
| Dividends | - | (126,500 | ) | (126,500 | ) |
| Total comprehensive income | - | 5,259,013 | 5,259,013 |
| Balance at 27 December 2022 | 1,000 | 5,783,256 | 5,784,256 |
| Changes in equity |
| Total comprehensive income | - | 3,677,254 | 3,677,254 |
| Balance at 27 December 2023 | 1,000 | 9,460,510 | 9,461,510 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Company Statement of Changes in Equity |
| for the Year Ended 27 December 2023 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 29 June 2021 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 27 December 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 27 December 2023 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Consolidated Cash Flow Statement |
| for the Year Ended 27 December 2023 |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | (53,433,325 | ) | (80,960,835 | ) |
| Interest paid | (622 | ) | (4,600 | ) |
| Tax paid | (965,496 | ) | (211,847 | ) |
| Net cash from operating activities | (54,399,443 | ) | (81,177,282 | ) |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (12,000 | ) | (8,034 | ) |
| Purchase of tangible fixed assets | (10,626 | ) | (48,407 | ) |
| Interest received | 695 | - |
| Net cash from investing activities | (21,931 | ) | (56,441 | ) |
| Cash flows from financing activities |
| Increase in loan notes issued | 58,827,013 | 39,871,046 |
| Loan repayments in year | (8,029 | ) | (11,725 | ) |
| Increase in bonds issued | 6,642,641 | 21,458,136 |
| Amount introduced by directors | - | 6,580 |
| Amount withdrawn by directors | (62,995 | ) | - |
| Loans received in year | - | 19,655,067 |
| Loan repayments in year | (3,086,299 | ) | - |
| Equity dividends paid | - | (126,500 | ) |
| Net cash from financing activities | 62,312,331 | 80,852,604 |
| Increase/(decrease) in cash and cash equivalents | 7,890,957 | (381,119 | ) |
| Cash and cash equivalents at beginning of year |
2 |
3,657,815 |
4,038,934 |
| Cash and cash equivalents at end of year | 2 | 11,548,772 | 3,657,815 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 27 December 2023 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Profit before taxation | 4,799,083 | 6,517,594 |
| Depreciation charges | 12,967 | 17,109 |
| Prior year consolidation adjustment | - | 20,643 |
| Finance costs | 622 | 4,600 |
| Finance income | (695 | ) | - |
| 4,811,977 | 6,559,946 |
| Increase in trade and other debtors | (56,694,719 | ) | (96,587,581 | ) |
| (Decrease)/increase in trade and other creditors | (1,550,583 | ) | 9,066,800 |
| Cash generated from operations | (53,433,325 | ) | (80,960,835 | ) |
| 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 27 December 2023 |
| 27.12.23 | 28.12.22 |
| £ | £ |
| Cash and cash equivalents | 11,548,772 | 3,657,815 |
| Period ended 27 December 2022 |
| 27.12.22 | 29.6.21 |
| £ | £ |
| Cash and cash equivalents | 3,657,815 | 4,038,934 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 28.12.22 | Cash flow | At 27.12.23 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 3,657,815 | 7,890,957 | 11,548,772 |
| 3,657,815 | 7,890,957 | 11,548,772 |
| Debt |
| Debts falling due within 1 year | (61,065,692 | ) | (37,182,072 | ) | (98,247,764 | ) |
| Debts falling due after 1 year | (59,892,546 | ) | (25,193,255 | ) | (85,085,801 | ) |
| (120,958,238 | ) | (62,375,327 | ) | (183,333,565 | ) |
| Total | (117,300,423 | ) | (54,484,370 | ) | (171,784,793 | ) |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 27 December 2023 |
| 1. | STATUTORY INFORMATION |
| Woodville Consultants Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The presentation and functional currency of the financial statements is the Pound Sterling (£). |
| Basis of consolidation |
| The consolidated financial statements are prepared by combining the results of the parent company and its subsidiaries and eliminating any intra group balances and transactions. The year to 27 December 2023 was the first year that consolidated accounts were required. All subsidiaries have been incorporated by the parent company and there are no subsidiaries that have been acquired as part of a business combination therefore there is no goodwill recognised in respect of the consolidation. |
| The parent company's accounting policies align with its subsidiaries and no adjustments are required. |
| Significant judgements and estimates |
| Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
| Provisions |
| Provisions are made where there are indicators of default of repayment. These provisions are an estimate of the actual costs and the timing of future cash flows is dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made. |
| Valuation of Fixed Asset Investments |
| Investments in the parent company balance sheet have been revalued during the year. The year end valuation at 27 December 2023 is based on the net asset basis for investment companies and the earning basis for trading companies. |
| Revenue |
| Revenue is derived from ordinary activities and 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. |
| For loans, interest income consists of amounts earned on loans and receivables once approved and paid out to customers. |
| Interest income is recognised across the period of the loan using the effective interest method and on a daily rate basis. |
| Cost of sales |
| Cost of sales represent commissions paid to consultants for the sourcing of investment, interest payable on bonds and loan notes and expenses for the administration of bonds issued. |
| These costs are recognised in line with the income that they relate to. |
| 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. |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are initially recognised at cost and subsequently recognised at cost less depreciation and impairment where necessary. |
| Financial instruments |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
| Trade Debtors consist of loans receivable and represent the future capital repayments of loans provided to customers, less any impairment. Interest is recognised in the income statement as it becomes due and is calculated daily or monthly in accordance with loan agreements. |
| Trade Creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid. |
| Other loans consist of loan notes owed to investors and represent the future capital repayments of loans payable to investors. Repayment terms are generally 12, 24 or 36 months. Interest payable is recognised in the income statement and is payable quarterly in arrears in accordance with loan note agreements. |
| A series of Fixed Rate bonds are held by the group, that have redemption dates varying from within one year to more than one year. Interest payable is recognised in the income statement and is paid quarterly in arrears in accordance with agreements. The bonds are stated at amortised using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currency translation |
| Functional and presentation currency |
| The company's functional and presentational currency is GBP. |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
| Hire purchase and leasing commitments |
| 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. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Interest on loans receivable | 39,401,330 | 27,206,554 |
| Commissions received | - | 9,246,956 |
| 39,401,330 | 36,453,510 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 4. | EMPLOYEES AND DIRECTORS |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Wages and salaries | 485,827 | 640,083 |
| Other pension costs | 4,283 | 4,313 |
| 490,110 | 644,396 |
| The average number of employees during the year was as follows: |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| Staff | 10 | 8 |
| Directors | 2 | 2 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 12 (2022 - 10 ) . |
| The company operates a defined contribution pension scheme that all employees in that company are entitled to join. The cost for the year amounted to £4,283 (2022 - £4,313). Included in other creditors is £1,031 (2022 - £890) relating to pension contributions that were paid after the year end. |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Directors' remuneration | 180,000 | 259,820 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Other operating leases | 30,102 | 5,780 |
| Depreciation - owned assets | 6,334 | 14,479 |
| Computer software amortisation | 6,632 | 2,630 |
| Foreign exchange differences | (2,476,947 | ) | 3,094,997 |
| Auditors' remuneration | 48,000 | - |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Bank loan interest | 622 | 1,252 |
| Interest on overdue tax | - | 3,348 |
| 622 | 4,600 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Current tax: |
| UK corporation tax | 1,111,125 | 1,258,581 |
| Deferred tax | 10,704 | - |
| Tax on profit | 1,121,829 | 1,258,581 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Profit before tax | 4,799,083 | 6,517,594 |
| Profit multiplied by the standard rate of corporation tax in the UK of 23.471 % (2022 - 19 %) |
1,126,393 |
1,238,343 |
| Effects of: |
| Expenses not deductible for tax purposes | 150 | 301 |
| Capital allowances in excess of depreciation | (2,265 | ) | (7,891 | ) |
| Utilisation of tax losses | - | (76,034 | ) |
| Late entry interest | (13,130 | ) | 10,606 |
| Deferred Tax | 10,704 | - |
| Rounding on rate of tax | (23 | ) | - |
| Adjustments to tax charge in respect to previous years | - | 93,256 |
| Total tax charge | 1,121,829 | 1,258,581 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| 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. |
| 9. | DIVIDENDS |
| Period |
| 29.6.21 |
| Year Ended | to |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Ordinary shares of £1 each |
| Final | - | 126,500 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Computer |
| software |
| £ |
| COST |
| At 28 December 2022 | 8,034 |
| Additions | 12,000 |
| At 27 December 2023 | 20,034 |
| AMORTISATION |
| At 28 December 2022 | 2,630 |
| Amortisation for year | 6,632 |
| At 27 December 2023 | 9,262 |
| NET BOOK VALUE |
| At 27 December 2023 | 10,772 |
| At 27 December 2022 | 5,404 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 10. | INTANGIBLE FIXED ASSETS - continued |
| Company |
| Computer |
| software |
| £ |
| COST |
| At 28 December 2022 |
| Additions |
| At 27 December 2023 |
| AMORTISATION |
| At 28 December 2022 |
| Amortisation for year |
| At 27 December 2023 |
| NET BOOK VALUE |
| At 27 December 2023 |
| At 27 December 2022 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 28 December 2022 | 41,079 | - | 14,757 | 55,836 |
| Additions | - | 5,266 | 5,360 | 10,626 |
| At 27 December 2023 | 41,079 | 5,266 | 20,117 | 66,462 |
| DEPRECIATION |
| At 28 December 2022 | 11,375 | - | 5,939 | 17,314 |
| Charge for year | 3,413 | 1,053 | 1,868 | 6,334 |
| At 27 December 2023 | 14,788 | 1,053 | 7,807 | 23,648 |
| NET BOOK VALUE |
| At 27 December 2023 | 26,291 | 4,213 | 12,310 | 42,814 |
| At 27 December 2022 | 29,704 | - | 8,818 | 38,522 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Improvements | Fixtures |
| to | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 28 December 2022 |
| Additions |
| At 27 December 2023 |
| DEPRECIATION |
| At 28 December 2022 |
| Charge for year |
| At 27 December 2023 |
| NET BOOK VALUE |
| At 27 December 2023 |
| At 27 December 2022 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 28 December 2022 |
| Revaluations |
| At 27 December 2023 |
| NET BOOK VALUE |
| At 27 December 2023 |
| At 27 December 2022 |
| Cost or valuation at 27 December 2023 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Valuation in 2023 | 1,746,590 |
| Cost | 716,219 |
| 2,462,809 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Fixed Asset Investments consist of Investment in the subsidiary. |
| The directors value the investment in the subsidiary based on market conditions, trading results and ratios applicable to the business nature and size. The carrying value of the subsidiary is compared to the underlying value value of its net assets and expected future profitability. |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: 5 Gelliwasted Road, Pontypridd, Wales, CF37 2BP |
| Nature of business: |
| % |
| Class of shares: | holding |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year/period |
| 13. | DEBTORS |
| Group | Company |
| 27.12.23 | 27.12.22 | 27.12.23 | 27.12.22 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 22,835,988 | 93,780,397 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 38,331 | 24,863,048 |
| Directors' loan accounts | 62,754 | - | 62,754 | - |
| Tax | 126,817 | - |
| Prepayments | 23,780,117 | 15,187,813 |
| 46,844,007 | 133,831,258 |
| Amounts falling due after more than one | year: |
| Trade debtors | 143,871,541 | - |
| Amounts owed by group undertakings | - | - |
| 143,871,541 | - |
| Aggregate amounts | 190,715,548 | 133,831,258 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 14. | CASH AT BANK |
| 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. |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 27.12.23 | 27.12.22 | 27.12.23 | 27.12.22 |
| £ | £ | £ | £ |
| Debentures (see note 17) | 10,766,051 | 9,122,658 |
| Bank loans and overdrafts (see note 17) | 8,232 | 8,651 |
| Other loans (see note 17) | 87,473,481 | 51,934,383 |
| Trade creditors | 1,721,657 | 1,407,095 |
| Tax | 1,531,027 | 1,258,581 |
| Social security and other taxes | 15,953 | 13,649 |
| Other creditors | 70,751 | 890 |
| Directors' loan accounts | - | 241 | - | 241 |
| Accruals and deferred income | 6,172,739 | 8,072,549 |
| 107,759,891 | 71,818,697 |
| Fixed Rate Bonds and Loan Notes are held by the company, and have redemption dates ranging between 12 and 36 months. The bonds are measured at amortised cost. Interest of between 10-12% is payable quarterly in arrears and is recognised through the income statement as it becomes due. |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 27.12.23 | 27.12.22 | 27.12.23 | 27.12.22 |
| £ | £ | £ | £ |
| Debentures (see note 17) | 17,334,728 | 12,335,478 |
| Bank loans (see note 17) | 12,634 | 20,245 |
| Other loans (see note 17) | 67,738,439 | 47,536,823 |
| Accruals and deferred income | - | 37,500 |
| 85,085,801 | 59,930,046 |
| Fixed Rate Bonds and Loan Notes are held by the company, and have redemption dates ranging between 12 and 36 months. The bonds are measured at amortised cost. Interest of between 10-12% is payable quarterly in arrears and is recognised through the income statement as it becomes due. |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 27.12.23 | 27.12.22 | 27.12.23 | 27.12.22 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bonds | 10,766,051 | 9,122,658 | 10,766,051 | 9,122,658 |
| Bank loans | 8,232 | 8,651 |
| Other loans | 87,473,481 | 51,934,383 |
| 98,247,764 | 61,065,692 |
| Amounts falling due between one and two | years: |
| Bonds | 17,334,728 | 12,335,478 | 17,334,728 | 12,335,478 |
| Bank loans - 1-2 years | 8,440 | 20,245 |
| Other loans - 1-2 years | 67,738,439 | 47,536,823 | 67,738,439 |
| 85,081,607 | 59,892,546 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 4,194 | - |
| Fixed Rate Bonds and Loan Notes are held by the company, and have redemption dates ranging between 12 and 36 months. The bonds are measured at amortised cost. Interest of between 10-12% is payable quarterly in arrears and is recognised through the income statement as it becomes due. |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Within one year | 58,759 | 60,237 |
| Between one and five years | 198,497 | 219,376 |
| In more than five years | 37,880 | 37,880 |
| 295,136 | 317,493 |
| Company |
| Non-cancellable operating | leases |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 19. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 27.12.23 | 27.12.22 | 27.12.23 | 27.12.22 |
| £ | £ | £ | £ |
| Deferred tax | 10,704 | - | 10,704 | - |
| Group |
| Deferred |
| tax |
| £ |
| Provided during year | 10,704 |
| Balance at 27 December 2023 | 10,704 |
| Company |
| Deferred |
| tax |
| £ |
| Provided during year |
| Balance at 27 December 2023 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 27.12.23 | 27.12.22 |
| value: | £ | £ |
| Ordinary | £1 | 200 | 200 |
| B Non Voting | £1 | 400 | 400 |
| C Non Voting | £1 | 200 | 200 |
| D Non Voting | £1 | 200 | 200 |
| 1,000 | 1,000 |
| Ordinary shares carry the right to one vote and to receive dividends. |
| Non-voting B, C and D shares do not carry the right to vote, but do carry the right to receive dividends. |
| 21. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 28 December 2022 | 5,783,256 |
| Profit for the year | 3,677,254 |
| At 27 December 2023 | 9,460,510 |
| Woodville Consultants Limited (Registered number: 08093201) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 27 December 2023 |
| 21. | RESERVES - continued |
| Company |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 28 December 2022 | 3,630,319 |
| Profit for the year |
| Revaluation in year | - | 2,145,910 | 2,145,910 |
| At 27 December 2023 | 8,382,766 |
| 22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the year ended 27 December 2023 and the period ended 27 December 2022: |
| 27.12.23 | 27.12.22 |
| £ | £ |
| Mrs A M Bell and P J Legge |
| Balance outstanding at start of year | (241 | ) | 6,098 |
| Amounts advanced | 62,995 | 120,161 |
| Amounts repaid | - | (126,500 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 62,754 | (241 | ) |
| 23. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties of the company are Mrs A M Bell and Mr P J Legge, who are directors, by virtue of their equal shareholding in Woodville Consultants Limited. |