Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312025-05-062025-05-202024-08-312025-05-062024-08-312025-05-0632023-09-01false3falsefalsefalse 05216781 2023-09-01 2024-08-31 05216781 2022-09-01 2023-08-31 05216781 2024-08-31 05216781 2023-08-31 05216781 2022-09-01 05216781 c:Director1 2023-09-01 2024-08-31 05216781 c:RegisteredOffice 2023-09-01 2024-08-31 05216781 d:Buildings d:LongLeaseholdAssets 2023-09-01 2024-08-31 05216781 d:MotorVehicles 2023-09-01 2024-08-31 05216781 d:FurnitureFittings 2023-09-01 2024-08-31 05216781 d:OfficeEquipment 2023-09-01 2024-08-31 05216781 d:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 05216781 d:CurrentFinancialInstruments 2024-08-31 05216781 d:CurrentFinancialInstruments 2023-08-31 05216781 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 05216781 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05216781 d:ShareCapital 2024-08-31 05216781 d:ShareCapital 2023-08-31 05216781 d:ShareCapital 2022-09-01 05216781 d:CapitalRedemptionReserve 2023-09-01 2024-08-31 05216781 d:CapitalRedemptionReserve 2024-08-31 05216781 d:CapitalRedemptionReserve 2023-08-31 05216781 d:CapitalRedemptionReserve 2022-09-01 05216781 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 05216781 d:RetainedEarningsAccumulatedLosses 2024-08-31 05216781 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 05216781 d:RetainedEarningsAccumulatedLosses 2023-08-31 05216781 d:RetainedEarningsAccumulatedLosses 2022-09-01 05216781 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-08-31 05216781 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 05216781 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-08-31 05216781 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-08-31 05216781 c:OrdinaryShareClass1 2023-09-01 2024-08-31 05216781 c:OrdinaryShareClass1 2024-08-31 05216781 c:OrdinaryShareClass1 2023-08-31 05216781 c:FRS102 2023-09-01 2024-08-31 05216781 c:Audited 2023-09-01 2024-08-31 05216781 c:FullAccounts 2023-09-01 2024-08-31 05216781 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05216781 d:Subsidiary1 2023-09-01 2024-08-31 05216781 d:Subsidiary1 1 2023-09-01 2024-08-31 05216781 d:Subsidiary2 2023-09-01 2024-08-31 05216781 d:Subsidiary2 1 2023-09-01 2024-08-31 05216781 d:Subsidiary3 2023-09-01 2024-08-31 05216781 d:Subsidiary3 1 2023-09-01 2024-08-31 05216781 d:Subsidiary4 2023-09-01 2024-08-31 05216781 d:Subsidiary4 1 2023-09-01 2024-08-31 05216781 c:Consolidated 2024-08-31 05216781 c:ConsolidatedGroupCompanyAccounts 2023-09-01 2024-08-31 05216781 6 2023-09-01 2024-08-31 05216781 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05216781










WOLVISTON GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
WOLVISTON GROUP LIMITED
 
 
COMPANY INFORMATION


DIRECTOR
 S Anderson 




REGISTERED NUMBER
05216781



REGISTERED OFFICE
Wolviston House
5 Falcon Court

Preston Farm

Stockton on Tees

TS18 3TS




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants and Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

Teesside

TS24 0UX





 
WOLVISTON GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Director's Report
4 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13 - 14
Company Statement of Changes in Equity
15 - 16
Consolidated Statement of Cash Flows
17 - 18
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 35


 
WOLVISTON GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

BUSINESS REVIEW
 
In 2024, Wolviston Group Limited continued its strategic transformation to drive sustainable growth and diversification. As part of this strategy, in May 2024, we appointed a Group Managing Director, allowing for a more structured leadership approach. This transition enabled the CEO to focus on broader strategic initiatives while leveraging the extensive industry experience of the new Managing Director to commence the diversification into new industries.
Building upon the foundation set in previous years, we further expanded our presence in key markets, capitalising on the expertise within our subsidiaries. The restructuring of our leadership team aligned with our long-term vision of broadening our service offerings and improving operational efficiencies.
Despite facing macroeconomic challenges and industry fluctuations, the Group maintained a stable financial position, ensuring continuity and sustainability. While turnover saw a slight decline of 4.6% from 2023, we preserved our gross profit margin at 10.2%, reflecting disciplined cost management and strong customer relationships.
Our commitment to long-term resilience remained central to our approach, with strategic investments made to strengthen our financial position. The Group achieved a profit before tax of £521k and continued to uphold a robust net worth, which improved by £192k.
A major focus of 2024 was enhancing operational efficiencies across the Group. Each subsidiary was assessed to ensure it was positioned to deliver maximum value, with resources allocated accordingly. This realignment optimised our service delivery and positioned us to take advantage of future market opportunities.

Page 1

 
WOLVISTON GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
In line with our strategy of continuous improvement, we reinforced our risk management framework to navigate market uncertainties effectively. Our financial risk assessments, compliance measures, and client retention strategies played a crucial role in sustaining operational stability.
The Senior Leadership Team meet regularly, and ongoing assessments are made to identify, evaluate and address the business risks we face.  Assessments that are performed regularly include:
Non-financial risk assessment audits
Operational reviews 
Appointment of compliance officers with designated areas of responsibility
Monthly financial risk assessment review
Borrowing and debt financing
Debtor failure to pay
Central review and control of reporting processes and data submitted
External statutory and non-statutory audits
Key client dependence and retention
New and emerging markets
Competition
Reputation
Regulatory risk and compliance
IT systems and software
Staff retention, recruitment and succession planning
Health & Safety
Quality Assurance
Measures to mitigate risks are implemented and reviewed monthly. 
FINANCIAL RISK
The Group is focused on the working capital needs of the business and monitors these daily.  Future plans and investment are always considered only in the context of available facilities and mindful that the Group can continue as a going concern.  
The debt finance facilities are regularly reviewed and we have a close working relationship with our finance provider.  Processes to monitor, plan and manage cash flow have been implemented commensurate with a business of our size.
The Group engages strong internal processes and assessment with respect to levels of credit and credit terms extended to clients, which has resulted in zero bad debts or failure to pay.
The genuine partnerships and collaborative relationships that we have built over the past 40 years have seen our partners continuing to pay us promptly.  

Page 2

 
WOLVISTON GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL KEY PERFORMANCE INDICATORS
 
Key performance indicators
2024
2023
2022
2021
2020

£'000
£'000
£'000
£'000
£'000
Sales
22,156
23,238
26,783
26,950
30,672
Gross profit %
10.2%
10.2%
10.2%
9.4%
6.7%
Gross profit % including grant income



9.5%
7.9%
Net profit before tax
521
659
1,050
1,126
883



This report was approved by the board on 6 May 2025 and signed on its behalf.



S Anderson
Director

Page 3

 
WOLVISTON GROUP LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The director presents her report and the financial statements for the year ended 31 August 2024.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable her to ensure that the financial statements comply with the Companies Act 2006She is 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.

PRINCIPAL ACTIVITY

The Company is the holding company for the Group and is involved, with its subsidiaries, in technical and commercial personnel recruitment and engineering design services and project management as a service and consultancy services.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £391,582 (2023 - £501,549).

A dividend of £200,000 was paid during the year.

DIRECTOR

The director who served during the year was:

S Anderson 

FUTURE DEVELOPMENTS

Looking ahead, the Group remains committed to innovation and expansion, with a clear focus on penetrating new markets. A 5 year growth plan has been implemented which includes organic growth and growth by acquisition.  The leadership changes implemented this year mark the beginning of an exciting new phase for Wolviston Group, ensuring we remain a trusted partner for our clients while driving long-term growth.

Page 4

 
WOLVISTON GROUP LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

MATTERS COVERED IN THE STRATEGIC REPORT

The following matters are included in the strategic report: the business review, the principal risks and uncertainties and financial performance indicators.

DISCLOSURE OF INFORMATION TO AUDITORS

The director at the time when this Director's Report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 6 May 2025 and signed on its behalf.
 





S Anderson
Director

Page 5

 
WOLVISTON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVISTON GROUP LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of Wolviston Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 August 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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 or 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 director with respect to going concern are described in the relevant sections of this report.


Page 6

 
WOLVISTON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVISTON GROUP LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


OPINION 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
WOLVISTON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVISTON GROUP LIMITED (CONTINUED)


RESPONSIBILITIES OF DIRECTOR
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or has no realistic alternative but to do so.


AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the group and the area in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material mistatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgeryor intentional misrepresentations, or through collusion.
We identified the greatest potential for fraud in the following areas: recognition and completeness of income and posting of unusual journals. We discussed these risks with management and designed audit procedures to test the recognition and completeness of revenue. We reviewed journals posted around the year end to look for possible "window dressing".


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 Auditors' Report.


Page 8

 
WOLVISTON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVISTON GROUP LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Heather O'Driscoll FCA (Senior Statutory Auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants and Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
Teesside
TS24 0UX

20 May 2025
Page 9

 
WOLVISTON GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,156,351
23,238,472

Cost of sales
  
(19,895,228)
(20,869,680)

GROSS PROFIT
  
2,261,123
2,368,792

Administrative expenses
  
(1,922,799)
(1,743,974)

Other operating income
 5 
90,000
500

OPERATING PROFIT
 6 
428,324
625,318

Interest receivable and similar income
 10 
92,909
35,349

Interest payable and similar expenses
 11 
(678)
(1,868)

PROFIT BEFORE TAXATION
  
520,555
658,799

Tax on profit
 12 
(128,973)
(157,250)

PROFIT FOR THE FINANCIAL YEAR
  
391,582
501,549

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owner of the parent Company
  
391,582
501,549

  
391,582
501,549

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 35 form part of these financial statements.

Page 10

 
WOLVISTON GROUP LIMITED
REGISTERED NUMBER: 05216781

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 14 
24,057
27,079

Tangible assets
 15 
297,217
355,582

  
321,274
382,661

CURRENT ASSETS
  

Stocks
 17 
-
319

Debtors: amounts falling due within one year
 18 
7,776,363
8,056,202

Cash at bank and in hand
 19 
2,040,045
1,609,767

  
9,816,408
9,666,288

Creditors: amounts falling due within one year
 20 
(3,301,187)
(3,402,251)

NET CURRENT ASSETS
  
 
 
6,515,221
 
 
6,264,037

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,836,495
6,646,698

Creditors: amounts falling due after more than one year
 21 
(10,947)
(20,918)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 24 
(8,186)
-

  
 
 
(8,186)
 
 
-

NET ASSETS
  
6,817,362
6,625,780


CAPITAL AND RESERVES
  

Called up share capital 
 25 
30
30

Capital redemption reserve
 26 
70
70

Profit and loss account
 26 
6,817,262
6,625,680

  
6,817,362
6,625,780


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2025.




S Anderson
Director

Page 11

 
WOLVISTON GROUP LIMITED
REGISTERED NUMBER: 05216781

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 16 
1,689,412
1,689,412

  
1,689,412
1,689,412

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 18 
2,514,018
3,515,141

Cash at bank and in hand
 19 
1,083,603
216,493

  
3,597,621
3,731,634

Creditors: amounts falling due within one year
 20 
(186,191)
(373,834)

NET CURRENT ASSETS
  
 
 
3,411,430
 
 
3,357,800

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,100,842
5,047,212

  

  

NET ASSETS
  
5,100,842
5,047,212


CAPITAL AND RESERVES
  

Called up share capital 
 25 
30
30

Capital redemption reserve
 26 
70
70

Profit and loss account brought forward
  
5,047,112
5,080,755

Profit for the year
  
253,630
166,357

Other changes in the profit and loss account

  

(200,000)
(200,000)

Profit and loss account carried forward
  
5,100,742
5,047,112

  
5,100,842
5,047,212


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2025.


S Anderson
Director

The notes on pages 20 to 35 form part of these financial statements.

Page 12

 
WOLVISTON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2023
30
70
6,625,680
6,625,780



Profit for the year
-
-
391,582
391,582

Dividends: Equity capital
-
-
(200,000)
(200,000)


AT 31 AUGUST 2024
30
70
6,817,262
6,817,362


The notes on pages 20 to 35 form part of these financial statements.

Page 13

 
WOLVISTON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2022
30
70
6,324,131
6,324,231



Profit for the year
-
-
501,549
501,549

Dividends: Equity capital
-
-
(200,000)
(200,000)


AT 31 AUGUST 2023
30
70
6,625,680
6,625,780


The notes on pages 20 to 35 form part of these financial statements.

Page 14

 
WOLVISTON GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2023
30
70
5,047,112
5,047,212



Profit for the year
-
-
253,630
253,630

Dividends: Equity capital
-
-
(200,000)
(200,000)


AT 31 AUGUST 2024
30
70
5,100,742
5,100,842


The notes on pages 20 to 35 form part of these financial statements.

Page 15

 
WOLVISTON GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2022
30
70
5,080,755
5,080,855



Profit for the year
-
-
166,357
166,357

Dividends: Equity capital
-
-
(200,000)
(200,000)


AT 31 AUGUST 2023
30
70
5,047,112
5,047,212


The notes on pages 20 to 35 form part of these financial statements.

Page 16

 
WOLVISTON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
391,582
501,549

ADJUSTMENTS FOR:

Amortisation of intangible assets
10,584
13,449

Depreciation of tangible assets
64,268
82,115

Loss on disposal of tangible assets
-
(107,327)

Government grants
-
(500)

Interest paid
678
1,868

Interest received
(92,909)
(35,349)

Taxation charge
128,973
157,250

Decrease in stocks
319
3,614

Decrease in debtors
270,752
703,614

(Decrease) in creditors
(34,865)
(281,356)

Corporation tax (paid)
(162,517)
(263,709)

NET CASH GENERATED FROM OPERATING ACTIVITIES

576,865
775,218


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible fixed assets
(7,562)
(15,160)

Purchase of tangible fixed assets
(5,903)
(3,662)

Sale of tangible fixed assets
-
273,595

Government grants received
-
500

Interest received
92,909
35,349

HP interest paid
-
(648)

NET CASH FROM INVESTING ACTIVITIES

79,444
289,974

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
(9,971)
(9,726)

Repayment of/new finance leases
-
(43,867)

Dividends paid
(200,000)
(200,000)

Interest paid
(678)
(1,219)

NET CASH USED IN FINANCING ACTIVITIES
(210,649)
(254,812)
Page 17

 
WOLVISTON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


2024
2023

£
£



NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
445,660
810,380

Cash and cash equivalents at beginning of year
1,594,385
784,004

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
2,040,045
1,594,384


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
2,040,045
1,609,767

Bank overdrafts
-
(15,383)

2,040,045
1,594,384


The notes on pages 20 to 35 form part of these financial statements.

Page 18

 
WOLVISTON GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

1,609,767

430,278

2,040,045

Bank overdrafts

(15,382)

15,382

-

Debt due after 1 year

(20,918)

9,971

(10,947)

Debt due within 1 year

(64,485)

4,444

(60,041)


1,508,982
460,075
1,969,057

The notes on pages 20 to 35 form part of these financial statements.

Page 19

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


GENERAL INFORMATION

The Company is a private company, limited by shares, incorporated in England and Wales and its registered office is:
Wolviston House
5 Falcon Court
Preston Farm
Stockton-on-Tees
TS18 3TS

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

In respect of all subsidiaries, the Company and Group, the Director, having made due and careful enquiry and preparing forecasts, is of the opinion that the Company and Group have adequate working capital to execute their operations over the next 12 months. The Director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. As a result, the Director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 20

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are amortised over 3-4 years on a straight line basis.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share 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 consolidated statement of comprehensive income over its useful economic life of 10 years.

 
2.6

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.

Page 21

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)


2.6
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
50 years
Motor vehicles
-
4 years
Fixtures and fittings
-
3-10 years
Office equipment
-
4 years
Other fixed assets
-
4-5 years

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.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Long term work in progress

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end by recording turnover and related costs as a contract activity advances. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Profits can vary as a contract progresses. Full provision is made for losses on all contracts in the year in which they are first foreseen.



 
2.9

Financial instruments

The Group 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 ordinary shares.

 
2.10

Invoice discounting

The Group obtains finance in respect of its trade debtors under an invoice discounting agreement. This is regarded as a financing arrangement only, and the gross amount of the factored trade debtors is included in debtors with any advances received against these debts being included in other creditors. Interest and charges in respect of these arrangements are to the profit and loss account on an accruals basis.


Page 22

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key source of estimation uncertainty:
Accounting estimates and assumptions are made concerning the future and by their nature, will rarely equal the related outcome. The key assumption and source of uncertainty that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is as follows:
Long term contracts
The Director accounts for long term contracts using the stage of completion method as the contract progresses. This method requires judgement, which is based on their knowledge and experience, to accurately estimate the extent of progress towards completion and may involve estimates of total contract costs to completion, total revenues, contract risks and other judgements.
 


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Technical and commercial personnel recruitment
10,801,100
12,659,591

Engineering design and consultancy
306,443
893,087

Project management, project management as a service and consultancy services
11,048,808
9,685,794

22,156,351
23,238,472


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
22,051,642
23,112,652

Rest of Europe
102,345
92,565

Rest of the world
2,364
33,255

22,156,351
23,238,472


Page 23

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


OTHER OPERATING INCOME

2024
2023
£
£

Government grants receivable
-
500

Insurance claims receivable
90,000
-

90,000
500



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
7,427
(3,096)

Other operating lease rentals
18,112
38,978


7.


AUDITOR'S REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
2,625
1,925

Fees payable to the Company's auditors in respect of:

The auditing of accounts of associates of the Company
17,525
13,880

Taxation compliance services
3,590
3,370

All non-audit services not included above
8,132
6,379

Page 24

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


EMPLOYEES

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,013,326
1,294,643
167,157
149,193

Social security costs
113,087
132,541
18,540
14,637

Cost of defined contribution scheme
140,609
144,158
85,981
75,801

1,267,022
1,571,342
271,678
239,631


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
17
22
-
-



Management
15
23
3
3

32
45
3
3


9.


DIRECTOR'S REMUNERATION

2024
2023
£
£

Director's emoluments
14,771
33,288

Group contributions to defined contribution pension schemes
60,000
66,250

74,771
99,538


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


10.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
92,909
35,349

92,909
35,349

Page 25

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
678
814

Finance leases and hire purchase contracts
-
648

Other interest payable
-
406

678
1,868


12.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
111,700
186,600

Adjustments in respect of previous periods
-
5,835

Total current tax
111,700
192,435

Deferred tax


Origination and reversal of timing differences
17,273
(43,426)

Changes to tax rates
-
8,241

Total deferred tax
17,273
(35,185)

Tax on profit
 
128,973
 
157,250
Page 26

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
12.TAXATION (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
520,555
658,800


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
130,139
138,348

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,688
8,424

Capital allowances for year in excess of depreciation
15,267
(2,010)

Adjustments to tax charge in respect of prior periods
-
5,835

Short-term timing difference leading to an increase (decrease) in taxation
17,273
(35,185)

Capital gains
-
9,033

Unrelieved tax losses carried forward
-
28,338

Other differences leading to an increase (decrease) in the tax charge
(1,110)
4,467

Group relief
(37,284)
-

Total tax charge for the year
128,973
157,250


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


DIVIDENDS

2024
2023
£
£


Dividend
200,000
200,000

200,000
200,000

Page 27

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


INTANGIBLE ASSETS

Group





Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 September 2023
92,230
15,160
1,357,981
1,465,371


Additions
7,562
-
-
7,562



At 31 August 2024

99,792
15,160
1,357,981
1,472,933



Amortisation


At 1 September 2023
78,258
2,053
1,357,981
1,438,292


Charge for the year on owned assets
6,794
3,790
-
10,584



At 31 August 2024

85,052
5,843
1,357,981
1,448,876



Net book value



At 31 August 2024
14,740
9,317
-
24,057



At 31 August 2023
13,972
13,107
-
27,079



Page 28

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


TANGIBLE FIXED ASSETS

Group






Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 September 2023
289,656
117,886
334,616
742,158


Additions
-
-
5,903
5,903



At 31 August 2024

289,656
117,886
340,519
748,061



Depreciation


At 1 September 2023
25,226
101,863
259,487
386,576


Charge for the year on owned assets
5,793
6,822
51,653
64,268



At 31 August 2024

31,019
108,685
311,140
450,844



Net book value



At 31 August 2024
258,637
9,201
29,379
297,217



At 31 August 2023
264,430
16,023
75,129
355,582

Page 29

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


FIXED ASSET INVESTMENTS

Group






Company





Investments in subsidiary companies

£



Cost


At 1 September 2023
1,689,412



At 31 August 2024
1,689,412





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Wolviston Management Services Limited
Wolviston House               5 Falcon Court         Preston Farm      Stockton-on-Tees        TS18 3TS
£1 Ordinary
100%
Bell Bridge Limited
as above
£1 Ordinary
100%
T J Hazell (Engineering Consultants) Limited
as above
£1 Ordinary
100%
Wolviston Corporate Sevices Limited
as above
£1 Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Wolviston Management Services Limited
1,759,702
155,086

Bell Bridge Limited
1,026,767
414,289

T J Hazell (Engineering Consultants) Limited
619,502
(101,423)

Wolviston Corporate Services Limited - dormant
-
-

Page 30

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


STOCKS

Group
Group
2024
2023
£
£

Work in progress (goods to be sold)
-
319

-
319



18.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,923,631
3,853,040
-
-

Amounts owed by group undertakings
-
-
1,097,884
1,698,550

Other debtors
3,570,805
3,886,659
1,416,134
1,816,591

Prepayments and accrued income
66,281
88,090
-
-

Amounts recoverable on long-term contracts
215,646
219,326
-
-

Deferred taxation
-
9,087
-
-

7,776,363
8,056,202
2,514,018
3,515,141


Included in trade debtors is £3,349,059 (2023: 3,349,790) of invoice discounting debts outstanding.


19.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,040,045
1,609,767
1,083,603
216,493

Less: bank overdrafts
-
(15,382)
-
-

2,040,045
1,594,385
1,083,603
216,493


Page 31

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

20.


CREDITORS: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
15,382
-
-

Bank loans
10,648
10,648
-
-

Trade creditors
1,862,514
1,706,569
16
16

Amounts owed to group undertakings
-
-
177,784
177,784

Corporation tax
33,459
84,275
-
-

Other taxation and social security
1,022,182
891,403
-
-

Other creditors
307,463
615,099
4,042
185,624

Accruals and deferred income
64,921
78,875
4,349
10,410

3,301,187
3,402,251
186,191
373,834



21.


CREDITORS: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
10,947
20,918

10,947
20,918





22.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
10,648
10,648

Amounts falling due 1-2 years

Bank loans
10,947
10,648

Amounts falling due 2-5 years

Bank loans
-
10,269

21,595
31,565


Page 32

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

23.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,040,045
1,609,767
1,083,603
216,493

Financial assets that are debt instruments measured at amortised cost
7,710,082
7,959,025
2,514,018
3,515,141

9,750,127
9,568,792
3,597,621
3,731,634


Financial liabilities

Financial instruments measured at amortised cost
3,278,675
3,338,894
186,191
373,834


Financial assets measured at fair value through profit or loss comprise of cash in hand and at bank.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, and other debtors.
Financial liabilities measured at amortised cost comprise trade creditors, obligations under finance lease and hire purchase contracts, other creditors, accruals and deferred income.


24.


DEFERRED TAXATION


Group



2024
2023


£

£






At beginning of year
(9,087)
26,098


Charged to profit or loss
17,273
(35,185)



At end of year
8,186
(9,087)

Page 33

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
24.DEFERRED TAXATION (continued)




2024
2023
The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
8,186
24,650

Tax losses carried forward
-
(33,737)

8,186
(9,087)


25.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



30 (2023 - 30) Ordinary shares of £1.00 each
30
30



26.


RESERVES

Capital redemption reserve

The capital redemption reserves relates to the company purchasing 70 £1 Ordinary shares.

Profit and loss account

The profit and loss account relates to retained profits.


27.


PENSION COMMITMENTS

The Group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £140,609 (2023: £144,158). Contributions totaling £50,439 (2023: 54,601) were payable to the fund at the balance sheet date.

Page 34

 
WOLVISTON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

28.


COMMITMENTS UNDER OPERATING LEASES

At 31 August 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
52,500
52,500

Later than 1 year and not later than 5 years
172,084
210,000

Later than 5 years
-
14,584

224,584
277,084

Group
Group
2024
2023
£
£

Not later than 1 year
368
916

Later than 1 year and not later than 5 years
-
368

368
1,284


29.


RELATED PARTY TRANSACTIONS

As at 31 August 2024 £964,717 (2023: £1,364,717) was due from S Anderson. This is the maximum balance outstanding during the year. Interest is not charged on the loan and there is no date of repayment.
During the year, the company paid rent amounting to £52,500 (
2023: £35,963), to a SIPP, in which the director has an interest.


30.


CONTROLLING PARTY

Wolviston Group Limited is under the control of S Anderson by virtue of her shareholding.

 
Page 35