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Registered number: 02674441










THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

COMPANY INFORMATION


Directors
S Watson 
R N J Watson 
J R Sturgis 
T Webb 
T W Slack 
N J Farquhar 
J L Falkenburg 




Registered number
02674441



Registered office
Unit C Stirling Court
South Marston Industrial Estate

Swindon

Wiltshire

SN3 4TQ




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 29


 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
In our strategic report, we aim to present a fair review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of any risks and uncertainties we face.

Business review
 
The principal activity of the company is to design, manufacture and sell wooden jigsaw puzzles into domestic and export markets. The Company’s primary sales strategy is direct-to-consumer through UK, US and EU websites.
 
Our objective in 2024 was to sustain the same level of sales growth and operating profits that we achieved in the prior year. Our strategy was twofold; to optimise customer retention and to increase customer acquisition.
2024 proved to be another challenging year for many consumer goods brands in our principal markets, with continued geo-political and economic disruption. However, despite this we increased turnover by 5.5% to £11.8 million, an improvement on prior year growth (2023: 5%). We utilized new product development and strategic promotional offers to drive customer demand throughout the year, alongside investment in profitable customer acquisition activity.
Another new laser was delivered in May 2024, which provided us with sufficient production capacity to achieve our sales objective. There was further capital investment in a new website, which launched in July 2024.
 
A 10-year lease commitment was signed on new larger premises in November 2024, which the business plans to relocate to in Summer 2025. Investment is required to develop the new premises, to make them suitable for future operations and to facilitate continued growth. The business maintains sufficient cash reserves to accommodate the future investment and relevant working capital requirements.
The company operates a discretionary profit related bonus scheme, to keep employees focused on delivering value to the company. The bonus is paid to all employees reflecting their contributions towards performance and rewarding them for their hard work. It has been accrued as at 2024 year-end and was paid in January 2025.

Principal risks and uncertainties
 
Continued economic and geo-political uncertainty is still evident across all markets making budgeting and forecasting challenging. However, our focus is on engendering customer loyalty and attracting new customers through our reputation for high quality products and services. 
Much of the risk and uncertainty for the company stems from the external environment and is uncontrollable. However, we endeavour to manage the controllables to deliver efficiencies to mitigate the uncertainty.
The planned move to new premises in 2025 presents a risk of short-term disruption. Yet, the new premises present us with the opportunity to create a more efficient and attractive working environment for our current and future employees. 

Financial key performance indicators
 
Sales increased by 5.5% from 2023 to 2024. Despite this profit before tax decreased by 6.7% in 2024 to £2,054,096 (2023; £2,200,857).  This was significantly due to increased operating costs in people, advertising and promotion, and legal and professional fees. 
Product sales in the UK increased by 7.7% to £3,846,844.  In the Rest of the world sales increased by 4.7% to £7,573,567.  In Europe, where we did not invest in during 2024, growth remained static.

Page 1

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators
 
The number of customer orders increased by 4% and the company performed well against prior year increasing both the number of repeat buyers and new customers. 
The company received a Platimum Feefo award for the fifth continuous year, recognising consistent delivery of excellent service, reflected in the high percent of positive customer reviews. In addition, our Net Promoter Score, a measure used to gauge customer loyalty, satisfaction and enthusiasm for the brand, was 91 out of a scale from 0-100 These awards are testament to the efforts of our employees and their continued pursuit in delighting customers.


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



S Watson
Director

Date: 4 June 2025

Page 2

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

S Watson 
R N J Watson 
J R Sturgis 
T Webb 
T W Slack 
N J Farquhar 
J L Falkenburg 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 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 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 for the Company'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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,514,921 (2023 - £1,629,551).

The directors are not recommending a dividend at this time but will consider the matter again following a successful relocation and a subsequent period of trading.

Future developments

Trading conditions for consumer brands remain challenging amid geo-political and economic uncertainties. However, the directors continue to explore innovations and opportunities. whilst increasing efficiencies and capacity to sustain profitable growth. 
The business has enough capacity to deliver budgeted expectations for 2025 and management are focussed on minimising the short-term disruption of the relocation to achieve business objectives.

Page 3

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director 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's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





S Watson
Director

Date: 4 June 2025

Page 4

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

Opinion


We have audited the financial statements of The Wentworth Wooden Jigsaw Company Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the 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 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.


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 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 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 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.


Page 5

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED (CONTINUED)


Other information


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 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 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.


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 set out on page 3, 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.


Page 6

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED (CONTINUED)


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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;

Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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 Auditor's report.


Page 7

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WENTWORTH WOODEN JIGSAW COMPANY 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 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.





Fiona Hawkins MSc FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

5 June 2025
Page 8

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
11,847,789
11,229,366

Cost of sales
  
(4,097,215)
(4,071,444)

Gross profit
  
7,750,574
7,157,922

Administrative expenses
  
(5,792,095)
(5,029,385)

Operating profit
 4 
1,958,479
2,128,537

Interest receivable and similar income
 8 
95,617
72,320

Profit before tax
  
2,054,096
2,200,857

Tax on profit
 9 
(539,175)
(571,306)

Profit for the financial year
  
1,514,921
1,629,551

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

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

The notes on pages 14 to 29 form part of these financial statements.

Page 9

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
REGISTERED NUMBER: 02674441

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
4,518
4,746

Tangible assets
 12 
1,468,811
1,048,879

  
1,473,329
1,053,625

Current assets
  

Stocks
 13 
642,538
734,496

Debtors: amounts falling due within one year
 14 
225,615
637,704

Cash at bank and in hand
 15 
5,718,216
7,671,635

  
6,586,369
9,043,835

Creditors: amounts falling due within one year
 16 
(2,344,422)
(2,761,261)

Net current assets
  
 
 
4,241,947
 
 
6,282,574

Total assets less current liabilities
  
5,715,276
7,336,199

Provisions for liabilities
  

Deferred tax
 18 
(341,612)
(259,577)

  
 
 
(341,612)
 
 
(259,577)

Net assets
  
5,373,664
7,076,622


Capital and reserves
  

Called up share capital 
 19 
516,489
512,035

Share premium account
  
54,152
54,152

Capital redemption reserve
  
63,208
63,208

Profit and loss account
  
4,739,815
6,447,227

  
5,373,664
7,076,622


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Watson
Director

Date: 4 June 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


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

£
£
£
£
£


At 1 January 2023
506,626
54,152
63,208
5,552,525
6,176,511



Profit for the year
-
-
-
1,629,551
1,629,551

Dividends: Equity capital
-
-
-
(768,053)
(768,053)

Shares issued during the year
5,409
-
-
-
5,409

Share based payment
-
-
-
33,204
33,204



At 1 January 2024
512,035
54,152
63,208
6,447,227
7,076,622



Profit for the year
-
-
-
1,514,921
1,514,921

Dividends: Equity capital
-
-
-
(3,258,269)
(3,258,269)

Shares issued during the year
4,454
-
-
-
4,454

Share based payment
-
-
-
35,936
35,936


At 31 December 2024
516,489
54,152
63,208
4,739,815
5,373,664


The notes on pages 14 to 29 form part of these financial statements.

Page 11

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,514,921
1,629,551

Adjustments for:

Amortisation of intangible assets
228
6,067

Depreciation of tangible assets
257,133
206,587

Loss on disposal of tangible assets
-
(4,104)

Interest received
(95,617)
(72,320)

Taxation charge
457,140
571,306

Decrease/(increase) in stocks
91,958
(128,440)

Decrease/(increase) in debtors
412,089
(272,642)

(Decrease)/increase in creditors
(374,804)
683,200

Increase in provisions
82,035
113,706

Corporation tax (paid)
(499,175)
(531,248)

Share based payment charge
35,936
33,204

Net cash generated from operating activities

1,881,844
2,234,867


Cash flows from investing activities

Purchase of tangible fixed assets
(677,065)
(482,666)

Sale of tangible fixed assets
-
8,333

Interest received
95,617
72,320

Net cash from investing activities

(581,448)
(402,013)

Cash flows from financing activities

Issue of ordinary shares
4,454
5,409

Dividends paid
(3,258,269)
(768,053)

Net cash used in financing activities
(3,253,815)
(762,644)

Net (decrease)/increase in cash and cash equivalents
(1,953,419)
1,070,210

Cash and cash equivalents at beginning of year
7,671,635
6,601,425

Cash and cash equivalents at the end of year
5,718,216
7,671,635


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,718,216
7,671,635

5,718,216
7,671,635


Page 12

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

7,671,635

(1,953,419)

5,718,216


7,671,635
(1,953,419)
5,718,216

The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The Wentworth Wooden Jigsaw Company Limited is a private company limited by shares incorporated in England and Wales, registration number 02674441. The registered office is Unit C Stirling Court, South Marston Industrial Estate, Swindon, Wiltshire, England, SN3 4TQ.

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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

Sale of goods

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

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

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

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

 
2.6

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 15

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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

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

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


 
2.8

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3
years

 
2.9

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 16

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
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:

Plant and machinery
-
25%
Straight line method
Laser machines
-
10%
Straight line method
Assets under construction
-
Not depreciated

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

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

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

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

Page 17

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

 
Page 18

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 19

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Turnover

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


2024
2023
£
£

Sale of goods
10,886,862
10,296,185

Carriage recoverable
960,927
933,181

11,847,789
11,229,366


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,846,844
3,572,066

Rest of Europe
427,378
420,752

Rest of the world
7,573,567
7,236,548

11,847,789
11,229,366



4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
13,514
(58,107)

Share-based payment
35,936
33,204

Depreciation
257,133
206,587

Amortisation
228
6,067

Page 20

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
17,800
14,000

Fees payable to Company's auditor for the preparation of the Company's tax return
2,200
1,750

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,978,788
2,817,132

Social security costs
214,948
190,195

Cost of defined contribution scheme
74,901
65,375

3,268,637
3,072,702


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


        2024
        2023
            No.
            No.







Employees
58
56


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
698,324
661,685

Company contributions to defined contribution pension schemes
21,528
20,680

Directors fees
107,078
107,235

826,930
789,600


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £352,934 (2023 - £344,878).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,024 (2023 - £10,600).

Page 21

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest receivable

2024
2023
£
£


Other interest receivable
95,617
72,320

95,617
72,320


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
457,140
457,600


457,140
457,600


Total current tax
457,140
457,600

Deferred tax


Origination and reversal of timing differences
82,035
113,706

Total deferred tax
82,035
113,706


Tax on profit
539,175
571,306
Page 22

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,054,096
2,200,857


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
513,524
517,642

Effects of:


Expenses not deductible for tax purposes
28,675
7,810

Capital allowances for year in excess of depreciation
-
(98)

Other permanent differences
(3,024)
(3,148)

Remeasurement of deferred tax for changes in tax rates
-
4,064

Adjustments to deferred tax charge in respect of prior periods
-
45,036

Total tax charge for the year
539,175
571,306


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Dividends
3,258,269
768,053

Page 23

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Intangible assets




Development expenditure

£



Cost


At 1 January 2024
28,557



At 31 December 2024

28,557



Amortisation


At 1 January 2024
23,811


Charge for the year 
228



At 31 December 2024

24,039



Net book value



At 31 December 2024
4,518



At 31 December 2023
4,746



Page 24

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Plant and machinery
Laser machines
Assets Under Construction
Total

£
£
£
£



Cost or valuation


At 1 January 2024
685,473
1,739,011
-
2,424,484


Additions
326,499
259,218
91,348
677,065



At 31 December 2024

1,011,972
1,998,229
91,348
3,101,549



Depreciation


At 1 January 2024
416,006
959,599
-
1,375,605


Charge for the year
115,908
141,225
-
257,133



At 31 December 2024

531,914
1,100,824
-
1,632,738



Net book value



At 31 December 2024
480,058
897,405
91,348
1,468,811



At 31 December 2023
269,467
779,412
-
1,048,879


13.


Stocks

2024
2023
£
£

Raw materials and finished goods
642,538
734,496



14.


Debtors

2024
2023
£
£


Trade debtors
14,733
9,514

Other debtors
400
2,645

Prepayments and accrued income
210,482
625,545

225,615
637,704


Page 25

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,718,216
7,671,635



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
767,462
1,187,816

Corporation tax
246,605
248,388

Other taxation and social security
317,987
295,296

Other creditors
2,524
1,204

Accruals and deferred income
1,009,844
1,028,557

2,344,422
2,761,261



17.


Financial instruments

In 2024, the Company entered into the following forward exchange agreements to sell US Dollars at an exchange rate on an agreed date as a hedge against the impact of the movement in the US Dollar exchange rate on anticipated sales receipts in 2025.

Start date   USD    GBP    Exchange rate  End date
19 January 2025 1,000,000   784,498   1.2747   18 July 2025
31 July 2025  1,000,000   792,205   1.2623   31 July 2025
15 October 2025  1,000,000   793,903   1.2596   15 October 2025
22 October 2025  1,000,000   768,226   1.3017   22 October 2025
10 November 2025 1,000,000   774,293   1.2915   10 November 2025
31 December 2025  1,000,000   782,779   1.2775   31 December 2025
30 January 2026  1,000,000   787,526   1.2698   30 January 2026
27 February 2026  1,000,000   790,014   1.2658   27 February 2026
31 March 2026  1,000,000   792,833   1.2613   31 March 2026

As the exchange rate approximated to the contracted rate no fair value adjustment has been reflected in
the accounts. 

Page 26

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Deferred taxation




2024


£






At beginning of year
(259,577)


Charged to profit or loss
(82,035)



At end of year
(341,612)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(342,243)
(259,577)

Short term timing differences
631
-

(341,612)
(259,577)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



25,824,437 (2023 - 25,601,740) Ordinary shares of £0.02 each
516,489
512,035


During the year, 222,697 Ordinary shares were alloted and fully paid for cash at par of £4,454.
All shares have attached to them one vote per share.

Page 27

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Share-based payments

The company operates an EMI scheme for the executive directors. The vesting conditions can include performance related conditions as well as requiring employees to remain in the employment of the company. The options lapse on or before the 10th anniversary of grant subject to the vesting and exercising conditions. 
In addition to the EMI options the company has granted unapproved options to the non-executive directors. The unapproved options vested at the date of grant and lapse on or before the 10th anniversary of grant with a requirement that the non-executive director remains as a director. 

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

6

1,320,401

6
 
1,320,401
 
Granted during the year


-

 
-
 
Exercised during the year

2

(222,697)

 
-
 
Outstanding at the end of the year

1,097,704

 
1,320,401
 

2024
2023

Option pricing model used


Black-Scholes

Black-Scholes
 
Weighted average share price (pence)


20.52

20.52
 
Exercise price (pence)


2

2
 
Weighted average contractual life (days)


3650

3,650
 
Expected volatility


50%

50%
 
Risk-free interest rate


1%

1%
 

2024
2023
£
£



Equity-settled schemes
35,936
33,204

At the year end, 241,021 (2023: 222,698) options were exercisable with a weighted average exercise price of £0.02 (2023: £0.02).

Page 28

 
THE WENTWORTH WOODEN JIGSAW COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Capital commitments


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
527,389
193,500

Other commitments
407,705
264,673


22.


Pension commitments

The Company operates a defined contribution pension scheme. During the year, employer pension contributions totalled £74,901 (2023: £64,140). At the year end, pension contributions owing totalled £2,524 (2023: £1,200).


23.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
378,218
94,700

Later than 1 year and not later than 5 years
1,125,368
-

Later than 5 years
1,383,265
-


24.


Related party transactions

There are no key management personnel other than the directors and details of remuneration paid to
directors is included in note 7.


25.


Controlling party

The ultimate controlling party is Mrs N J Farquhar .


Page 29