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Registered number:
FOR THE YEAR ENDED 31 AUGUST 2024
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WOLVISTON GROUP LIMITED
COMPANY INFORMATION
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WOLVISTON GROUP LIMITED
CONTENTS
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WOLVISTON GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
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.
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WOLVISTON GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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.
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WOLVISTON GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
This report was approved by the board on 6 May 2025 and signed on its behalf.
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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.
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.
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 2006. She 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.
The profit for the year, after taxation, amounted to £391,582 (2023 - £501,549).
A dividend of £200,000 was paid during the year.
The director who served during the year was:
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.
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WOLVISTON GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The following matters are included in the strategic report: the business review, the principal risks and uncertainties and financial performance indicators.
There have been no significant events affecting the Group since the year end.
The auditors, Waltons Business Advisers Limited, will 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.
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WOLVISTON GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVISTON GROUP LIMITED
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 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).
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.
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.
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WOLVISTON GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVISTON GROUP LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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WOLVISTON GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVISTON GROUP LIMITED (CONTINUED)
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.
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WOLVISTON GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOLVISTON GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
Maritime House
Harbour Walk
The Marina
Teesside
TS24 0UX
20 May 2025
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WOLVISTON GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
Page 10
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WOLVISTON GROUP LIMITED
REGISTERED NUMBER: 05216781
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2025.
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WOLVISTON GROUP LIMITED
REGISTERED NUMBER: 05216781
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2025.
The notes on pages 20 to 35 form part of these financial statements.
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WOLVISTON GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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WOLVISTON GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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WOLVISTON GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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WOLVISTON GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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WOLVISTON GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
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WOLVISTON GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Page 18
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WOLVISTON GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024
Page 19
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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
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:
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.
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.
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.ACCOUNTING POLICIES (continued)
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.
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.ACCOUNTING POLICIES (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:
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.
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.
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.
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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.
Analysis of turnover by country of destination:
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 24
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 25
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 26
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
12.TAXATION (continued)
There were no factors that may affect future tax charges.
Page 27
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 28
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 29
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 30
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 31
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
24.DEFERRED TAXATION (continued)
Capital redemption reserve
Profit and loss account
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.
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WOLVISTON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Wolviston Group Limited is under the control of S Anderson by virtue of her shareholding.
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