Company registration number 00508519 (England and Wales)
WEST WITTERING ESTATE PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WEST WITTERING ESTATE PLC
COMPANY INFORMATION
Directors
Michael Bromley-Martin
Ruth France
Justin Goodwin
Julian Hall
Anna Hardy
Grahame Pettit
Richard Pollard
Mark Ralf
David Swayne
Secretary
Irwin Mitchell
Company number
00508519
Registered office
The Estate Office, Pound Road
West Wittering
Chichester
West Sussex
P020 8AJ
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
The Estate Office, Pound Road
West Wittering
Chichester
West Sussex
PO20 8AJ
Bankers
HSBC UK
94 East Street
Chichester
West Sussex
PO19 1HD
WEST WITTERING ESTATE PLC
CONTENTS
Page
Chairman's report
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 30
WEST WITTERING ESTATE PLC
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The highlight of 2024 was the construction of the new lifeguard hub, which we took possession of at the beginning of 2025. The building provides first-class lifeguarding facilities, as well as staff changing, work and recreation spaces, public toilets, disabled facilities and a medical room. The feedback on the building has been outstanding, and the overwhelming message we have received is that it's now time to look at the other toilet facilities on the estate!
The British weather brought us its share of challenges again in 2024, with some 30,000 fewer cars visiting the beach than in 2023. An increase in our ticket prices, and steady progress from the café, meant that we were still able to show an increase in revenue.
Our cost of sales rose by more than our revenue, not least due to a large increase in our staff costs. We aim to be the best employer on the peninsular, and are therefore prepared to accept that in some years our profit will fall if weak car numbers fail to cover the increase in our employment costs.
Administrative expenses also rose during the year, with the largest increases coming from higher utility costs and an increase in the level of our charitable donations. One of our key objectives is to support local organisations through donations, and in 2024 we spent over £35,000 on areas such as education, recreation, sport and medical responders.
We continued to strengthen and build our team during 2024. I would like to thank all our team members across each area of the business – lifeguarding, the estate, the café and the office – for their hard work and their contribution to our success. We are lucky to have such a strong team!
We always welcome interaction with our shareholders and local community and were delighted that so many people attended the celebration of the 80th anniversary of D-Day in 2024. We also hosted our first Christmas market, which proved to be a great success and well-supported by the local community. It's something we're excited to grow in the years ahead. We always welcome and value your feedback, so please do keep letting us know what you think! I look forward to seeing as many of you as possible at the AGM in June.
Richard Pollard
Chairman
WEST WITTERING ESTATE PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
A review of the business, and of the position of the company at the year end, can be found in the Chairman's Report on page 1. Note 29 provides further details on some of the key performance indicators of the company.
Principal risks and uncertainties
The principal risks facing the company are:
a) maintenance of sea and flood defences;
b) managing surplus sand on the beach;
c) protecting the safety of our visitors;
d) anti-social behaviour and vandalism.
Richard Pollard
Director
28 May 2025
WEST WITTERING ESTATE PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activities of the company in the year under review continue to be the ownership of the car park and the cafe at West Wittering and the operation of these and associated leisure activities.
In pursuit of these the company continues to pay particular regard to:
a) the preservation of the beach, waters and land adjoining the beach for the safe and peaceful enjoyment by the public;
b) the preservation of the rural and undeveloped nature of the company's property and its surroundings;
c) continued investment in technology to support the operational infrastructure of a quality visitor destination;
d) the need to co-operate with the associations and representative bodies in the neighbourhood;
e) the financial support of organisations in the Witterings by means of charitable gifts or donations of up to 10% of the company's pre-tax profits every year.
A review of the business, and of the position of the company at the year end, can be found in the Chairman's Report on page 1.
Results and dividends
The results for the year are set out on page 8.
No interim ordinary dividend was proposed during the year, as in 2023. Following the year end the directors proposed a dividend for the year of £66,417.60 - 60p per share (2023: £66,417.60 - 60p per share).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Michael Bromley-Martin
Ruth France
Justin Goodwin
Julian Hall
Anna Hardy
Grahame Pettit
Richard Pollard
Mark Ralf
David Swayne
Directors' insurance
The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.
Supplier payment policy
The company does not follow any specific code or standard on payment practices but it is the company's policy to pay creditors within a 14 day period or on other terms as agreed between the company and its suppliers.
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Future developments
Any future developments relating to the company have been disclosed in the Chairman's Report.
WEST WITTERING ESTATE PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Auditor
A resolution proposing that Sumer Audit be reappointed as auditors of the company will be put at the Annual General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Richard Pollard
Director
28 May 2025
WEST WITTERING ESTATE PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WEST WITTERING ESTATE PLC
- 5 -
Opinion
We have audited the financial statements of West Wittering Estate PLC (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2024 and of its 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
WEST WITTERING ESTATE PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WEST WITTERING ESTATE PLC
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 directors are responsible for assessing the 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 company or to cease operations, or have 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 auditor's 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Audit response to the risk of irregularities including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: compliance with the UK Companies Act.
WEST WITTERING ESTATE PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WEST WITTERING ESTATE PLC
- 7 -
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management, about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to depreciation and the fair value of freehold properties; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 an auditor's 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.
Alex Chidwick FCCA
For and on behalf of Sumer Audit
28 May 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
WEST WITTERING ESTATE PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
5
3,461,170
3,301,191
Cost of sales
(2,011,427)
(1,819,883)
Gross profit
1,449,743
1,481,308
Administrative expenses
(813,438)
(757,944)
Operating profit
3
636,305
723,364
Interest receivable and similar income
7
2,191
12,267
Changes in fair value of investments
11
263
1,562
Profit before taxation
638,759
737,193
Taxation
9
(175,418)
(181,284)
Profit for the financial year
463,341
555,909
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WEST WITTERING ESTATE PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
463,341
555,909
Other comprehensive income
Tax relating to other comprehensive income
(349)
(30,648)
Total comprehensive income for the year
462,992
525,261
WEST WITTERING ESTATE PLC
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
12,467,832
10,012,379
Investments
13
115,330
12,467,832
10,127,709
Current assets
Stocks
14
21,435
25,872
Debtors
16
227,747
316,533
Cash at bank and in hand
24,940
1,446,865
274,122
1,789,270
Creditors: amounts falling due within one year
17
(959,377)
(516,080)
Net current (liabilities)/assets
(685,255)
1,273,190
Total assets less current liabilities
11,782,577
11,400,899
Creditors: amounts falling due after more than one year
18
(4,977)
(22,165)
Provisions for liabilities
(1,464,038)
(1,461,746)
Net assets
10,313,562
9,916,988
Capital and reserves
Called up share capital
24
110,696
110,696
Revaluation reserve
5,181,718
5,185,931
Capital redemption reserve
30,269
30,269
Profit and loss reserves
4,990,879
4,590,092
Total equity
10,313,562
9,916,988
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Richard Pollard
Director
Company Registration No. 00508519
WEST WITTERING ESTATE PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
110,696
5,220,443
30,269
4,096,737
9,458,145
Year ended 31 December 2023:
Profit for the year
-
-
-
555,909
555,909
Other comprehensive income:
Tax relating to other comprehensive income
-
(30,648)
-
(30,648)
Total comprehensive income for the year
-
(30,648)
-
555,909
525,261
Dividends
10
-
-
-
(66,418)
(66,418)
Transfers
-
(3,864)
-
3,864
-
Balance at 31 December 2023
110,696
5,185,931
30,269
4,590,092
9,916,988
Year ended 31 December 2024:
Profit for the year
-
-
-
463,341
463,341
Other comprehensive income:
Tax relating to other comprehensive income
-
(349)
-
(349)
Total comprehensive income for the year
-
(349)
-
463,341
462,992
Dividends
10
-
-
-
(66,418)
(66,418)
Transfers
-
(3,864)
-
3,864
-
Balance at 31 December 2024
110,696
5,181,718
30,269
4,990,879
10,313,562
WEST WITTERING ESTATE PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
950,026
903,060
Income taxes paid
(176,378)
(108,320)
Net cash inflow from operating activities
773,648
794,740
Investing activities
Purchase of tangible fixed assets
(2,663,910)
(303,034)
Proceeds from disposal of tangible fixed assets
33,000
13,330
Proceeds from disposal of investments
115,593
Interest received
18
9,472
Other income received from investments
2,173
2,795
Net cash used in investing activities
(2,513,126)
(277,437)
Financing activities
Payment of finance leases obligations
(17,940)
(17,940)
Dividends paid
(64,594)
(65,541)
Net cash used in financing activities
(82,534)
(83,481)
Net (decrease)/increase in cash and cash equivalents
(1,822,012)
433,822
Cash and cash equivalents at beginning of year
1,446,865
1,013,043
Cash and cash equivalents at end of year
(375,147)
1,446,865
Relating to:
Cash at bank and in hand
24,940
1,446,865
Bank overdrafts included in creditors payable within one year
(400,087)
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
West Wittering Estate PLC is a company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Pound Road, West Wittering, West Sussex, Chichester, P020 8AJ. The principle place of business is The Estate Office, West Wittering, Chichester, West Sussex, PO20 8AJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessmenttrue. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Investment income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Straight line over 50 years
Plant and machinery
25% Reducing balance
Cafe equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets in the course of construction are stated at cost, less any recognised impairment loss. Depreciation is not charged on assets under construction until they are ready for use. Once complete, the asset is transferred to the appropriate category within tangible fixed assets.
1.5
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.6
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation and residual values
The annual depreciation charge is sensitive to changes in the estimated useful lives and residual value of assets. The useful lives and residual values are re-assessed annually and amended where necessary.
Fair value measurements
Certain assets are measured at fair value with gains and losses either being recognised in the profit and loss account or the statement of comprehensive income. In estimating the fair value of those assets, the company bases this on observable market data and, where appropriate, independent third party qualified valuers. In terms of the freehold land and buildings, the factors considered in the valuation are as disclosed within the tangible fixed assets note.
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
176,882
188,573
Depreciation of tangible fixed assets held under finance leases
10,676
10,676
(Profit)/loss on disposal of tangible fixed assets
(12,101)
39,958
Operating lease charges
1,794
3,588
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,000
10,300
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
5
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Car park and estate
2,203,757
2,074,604
Cafe operations
1,257,413
1,226,587
3,461,170
3,301,191
6
Directors' remuneration
No remuneration was paid to the Directors (2023: £nil) for qualifying services carried out.
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
15
9,472
Other interest income
3
Total interest revenue
18
9,472
Income from fixed asset investments
Income from other fixed asset investments
2,173
2,795
Total income
2,191
12,267
8
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Permanent
Grounds
4
4
Cafe
4
4
Administration
4
5
Seasonal
Lifeguards
6
4
Ground / Beach support
9
9
Cafe
29
26
56
52
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,079,371
980,955
Social security costs
59,374
57,978
Pension costs
12,235
12,126
1,150,980
1,051,059
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
173,475
176,378
Deferred tax
Origination and reversal of timing differences
1,943
4,906
Total tax charge
175,418
181,284
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
638,759
737,193
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
159,690
184,298
Tax effect of income not taxable in determining taxable profit
(3,639)
(391)
Effect of change in corporation tax rate
(11,094)
Permanent capital allowances in excess of depreciation
(418)
Depreciation on assets not qualifying for tax allowances
22,154
7,279
Deferred tax adjustments in respect of prior years
(2,787)
1,981
Enhanced expenditure adjustment
(371)
Taxation charge for the year
175,418
181,284
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 21 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
349
30,648
10
Dividends
2024
2023
£
£
Final paid
66,418
66,418
Details of the final dividend in respect of the current year are given in the Directors' Report.
11
Changes in fair value of investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
1,562
Other gains/(losses)
Gain on disposal of fixed asset investments
263
263
1,562
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and machinery
Cafe equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
9,810,835
728,629
412,043
101,318
11,052,825
Additions
1,434
2,568,924
10,681
11,355
71,516
2,663,910
Disposals
(49,538)
(49,538)
At 31 December 2024
9,812,269
2,568,924
739,310
423,398
123,296
13,667,197
Depreciation and impairment
At 1 January 2024
174,715
526,568
291,667
47,496
1,040,446
Depreciation charged in the year
88,644
52,193
31,040
15,681
187,558
Eliminated in respect of disposals
(28,639)
(28,639)
At 31 December 2024
263,359
578,761
322,707
34,538
1,199,365
Carrying amount
At 31 December 2024
9,548,910
2,568,924
160,549
100,691
88,758
12,467,832
At 31 December 2023
9,636,120
202,062
120,376
53,821
10,012,379
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 23 -
The company's bankers have a fixed and floating charge over all assets of the company.
The carrying value of land included within land and buildings comprises:
2024
2023
£
£
Freehold
5,380,100
5,380,100
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
32,029
42,705
The freehold land and buildings were valued at £5,359,000 and £4,305,000 respectively (total £9,664,000) by Messrs Henry Adams and Partners (independent chartered surveyors) on 10 May 2022. The directors, taking into account any additions or depreciation from this date, do not believe it was materially different at 31 December 2024. The valuation noted that there was a lack of market evidence for the type of land and properties within the estate and so factors such as rental income and turnover generated have been taken into account. The directors have not commissioned a valuation of the freehold land and buildings within the year as they believe that the carrying value is not materially different to the fair value. A professional valuation is expected to be undertaken in the forthcoming year, following completion of the Safety and Facilities Centre.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
3,611,254
3,609,820
Accumulated depreciation
216,675
144,450
Carrying value
3,394,579
3,465,370
13
Fixed asset investments
2024
2023
£
£
Listed investments
115,330
Listed investments included above:
Listed investments carrying amount
115,330
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 24 -
Fixed asset investments revalued
Fixed Asset investments are valued at their fair value at the year end. The cost of these investments total £Nil (2023: £98,262).
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2024
115,330
Disposals
(115,330)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
115,330
14
Stocks
2024
2023
£
£
Raw materials and consumables
21,435
25,872
15
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Equity instruments measured at cost less impairment
-
115,330
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,042
31,289
Other debtors
98,049
15,237
Prepayments and accrued income
72,656
270,007
227,747
316,533
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
400,087
Obligations under finance leases
19
17,188
17,940
Trade creditors
202,434
141,460
Corporation tax
173,475
176,378
Other taxation and social security
48,111
Deferred income
22
72,928
59,086
Dividends payable
6,401
5,489
Other creditors
37,528
27,104
Accruals and deferred income
49,336
40,512
959,377
516,080
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
4,977
22,165
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
17,188
17,940
In two to five years
4,977
22,165
22,165
40,105
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. The lease terms are 4 years and 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
400,087
Payable within one year
400,087
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
21
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
87,500
94,065
Tax losses
(9,500)
(9,500)
Revaluations
1,386,038
1,385,689
Investments at fair value
-
(8,508)
1,464,038
1,461,746
2024
Movements in the year:
£
Liability at 1 January 2024
1,461,746
Charge to profit or loss
1,943
Charge to equity
349
Liability at 31 December 2024
1,464,038
The deferred tax liability relating to accelerated capital allowances is expected to partially reverse within 12 months. The majority of the deferred tax liability relating to revaluations is not expected to reverse in 12 months as none of the revalued fixed assets are expected to be sold within that period.
22
Deferred income
2024
2023
£
£
Other deferred income
72,928
59,086
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,235
12,126
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
24
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
110,696 Ordinary shares of £1 each
110,696
110,696
The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.
The company also has 7,000 (2023: 7,000) authorised non-equity preference shares of £1 each. None of these shares were in issue at any time during the current or preceding financial year.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
1,980
6,370
Between two and five years
1,980
1,980
8,350
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
121,500
2,311,228
The remaining costs relate to the asset under construction which was completed on 15 January 2025.
27
Directors' transactions
Dividends totalling £2,112 (2023: £2,112) were paid in the year in respect of shares held by the company's directors and their close family members.
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, which includes directors, is as follows.
2024
2023
£
£
Aggregate remuneration
248,569
266,290
The above aggregate remuneration, including Employer's National Insurance Contributions, was paid to the Chief Operating Officer, Cafe Manager, HR and Office Manager and Operations and Safety Manager for qualifying services carried out. No member of the board of directors received remuneration.
Cakeham Manor Estate Limited is a shareholder of the company and included in the company's sales for the year is £16,866 (2023: £15,200) to Cakeham Manor Estate Limited. There was £1,819 (2023: £1,500) due to the company at the balance sheet date. The company also rented land from Cakeham Manor Estate Limited during the year for £2,200 (2023: £2,200). Snowhill Creek Mooring Association is a shareholder of the company and included in the company's sales for the year is £1,481 (2023: £1,515) to Snowhill Creek Mooring Association. West Wittering Sailing Club is a shareholder of the company and included in the company's sales for the year is £1,625 (2023: £1,559) to West Wittering Sailing Club. There was £nil (2023: £270) due to the company at the balance sheet date.
No guarantees have been given or received in respect of related parties or key management personnel.
29
Analysis of turnover and summary of car park attendance and profits
Year
Car Park and Beach Hut Income
Cafe
Other
Total Turnover
Net profit Before Tax
Season Tickets Number
Day Tickets Number
£
£
£
£
£
2024
1,967,301
1,257,413
236,456
3,461,170
638,579
3,154
205,107
2023
1,928,985
1,226,587
145,619
3,301,191
737,193
3,161
238,065
2022
1,681,528
1,238,270
77,297
2,997,095
45,125
3,167
234,279
2021
1,722,801
1,161,520
50,060
2,934,381
486,748
2,617
273,557
2020
1,534,776
922,290
41,136
2,498,202
259,537
1,550
217,981
2019
1,329,507
765,066
79,955
2,174,528
256,454
1,881
218,746
2018
1,450,774
808,815
76,823
2,336,412
650,064
1,807
240,382
2017
1,099,216
636,833
74,692
1,810,741
253,755
1,776
196,496
2016
1,133,687
698,576
79,340
1,911,603
464,079
1,670
211,071
2015
955,057
681,558
102,244
1,738,859
170,011
1,471
175,047
2014
934,731
742,802
89,673
1,767,206
460,077
1,394
170,132
2013
967,303
766,684
91,683
1,825,670
364,840
1,289
170,298
2012
738,077
564,376
66,431
1,368,884
159,780
1,254
159,916
2011
806,892
709,431
78,776
1,595,099
293,475
1,188
178,913
The figures for the years prior to 2014 are those reported under old United Kingdom Generally Accepted Accounting Practice.
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
30
Charitable and other donations
2024
2023
£
£
National Trust Warden
-
10,500
Friends of Chichester Harbour
-
250
Smile
500
500
Manhood Mobility
2,500
3,000
East Wittering School
-
3,000
West Wittering Parochial Primary School
6,029
5,000
Wittering Football Club
949
-
First Responders
5,000
-
Skatepark
20,000
-
Sussex Search and Rescue
492
-
Wittering Royal British Legion
65
Chichester City Colts Football Team
1,000
36,535
22,250
31
Analysis of changes in net funds/(debt)
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,446,865
(1,421,925)
24,940
Bank overdrafts
(400,087)
(400,087)
1,446,865
(1,822,012)
(375,147)
Obligations under finance leases
(40,105)
17,940
(22,165)
1,406,760
(1,804,072)
(397,312)
WEST WITTERING ESTATE PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
32
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
463,341
555,909
Adjustments for:
Taxation charged
175,418
181,284
Investment income
(2,191)
(12,267)
(Gain)/loss on disposal of tangible fixed assets
(12,101)
39,958
Depreciation and impairment of tangible fixed assets
187,558
199,249
Gain on sale of investments
(263)
-
Other gains and losses
-
(1,562)
Movements in working capital:
Decrease/(increase) in stocks
4,437
(3,610)
Decrease/(increase) in debtors
88,786
(166,087)
Increase in creditors
31,199
99,374
Increase in deferred income
13,842
10,812
Cash generated from operations
950,026
903,060
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