IRIS Accounts Production v25.1.3.33 02938804 Board of Directors Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Non-trading company. true true false true true false false true false Ordinary shares 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029388042023-12-31029388042024-12-31029388042024-01-012024-12-31029388042022-12-31029388042023-01-012023-12-31029388042023-12-3102938804ns15:EnglandWales2024-01-012024-12-3102938804ns14:PoundSterling2024-01-012024-12-3102938804ns10:Director12024-01-012024-12-3102938804ns10:Director22024-01-012024-12-3102938804ns10:Consolidated2024-12-3102938804ns10:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3102938804ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3102938804ns10:Consolidatedns10:MediumEntities2024-01-012024-12-3102938804ns10:Consolidatedns10:Audited2024-01-012024-12-3102938804ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3102938804ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3102938804ns10:Consolidated2024-01-012024-12-3102938804ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3102938804ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3102938804ns10:FullAccounts2024-01-012024-12-3102938804ns10:OrdinaryShareClass12024-01-012024-12-3102938804ns10:RegisteredOffice2024-01-012024-12-3102938804ns10:Consolidated2023-01-012023-12-3102938804ns5:CurrentFinancialInstruments2024-12-3102938804ns5:CurrentFinancialInstruments2023-12-3102938804ns5:ShareCapital2024-12-3102938804ns5:ShareCapital2023-12-3102938804ns5:SharePremium2024-12-3102938804ns5:SharePremium2023-12-3102938804ns5:CapitalRedemptionReserve2024-12-3102938804ns5:CapitalRedemptionReserve2023-12-3102938804ns5:RetainedEarningsAccumulatedLosses2024-12-3102938804ns5:RetainedEarningsAccumulatedLosses2023-12-3102938804ns5:ShareCapital2022-12-3102938804ns5:RetainedEarningsAccumulatedLosses2022-12-3102938804ns5:SharePremium2022-12-3102938804ns5:CapitalRedemptionReserve2022-12-3102938804ns5:CostValuation2023-12-3102938804ns10:OrdinaryShareClass12024-12-3102938804ns5:RetainedEarningsAccumulatedLosses2023-12-3102938804ns5:SharePremium2023-12-3102938804ns5:CapitalRedemptionReserve2023-12-3102938804ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-31
REGISTERED NUMBER: 02938804 (England and Wales)














Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Willoughby (30) Limited and its
subsidiaries

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2024










Page

Company information 1

Group strategic report 2

Report of the directors 3 to 4

Report of the independent auditors 5 to 8

Consolidated income statement 9

Consolidated other comprehensive income 10

Consolidated statement of financial position 11

Company statement of financial position 12

Consolidated statement of changes in equity 13

Company statement of changes in equity 14

Consolidated statement of cash flows 15

Notes to the consolidated statement of cash flows 16

Notes to the consolidated financial statements 17 to 24


Willoughby (30) Limited and its
subsidiaries

Company Information
for the Year Ended 31 December 2024







Directors: J Aiken
G A Elsam





Registered office: Boston Road
Wainfleet
Skegness
Lincolnshire
PE24 4HA





Registered number: 02938804 (England and Wales)





Auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Group Strategic Report
for the Year Ended 31 December 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.

We aim to present a balanced and comprehensive report of the development and performance of our business during the year and its position at the year end. Our report is consistent with the size and non complex nature of our business and is written in the context of the risks and uncertainties we face.

Review of business
The Groups principal activities are the sale, hire, service and maintenance of materials handling equipment.

The Group is pleased with its performance during 2024 considering the difficult trading, economic and market conditions.

Product availability improved during the year and this coupled with high stock levels intensified competition which was reflected in the 2024 trading results.

This year concluded with a strong order intake and a healthy positive cash position.

Principal risks and uncertainties
Competitive pressure in the market place is the principal risk for the company which is expected to continue in 2025 as the general economy shrinks due to the high levels of inflation and the resultant cost of living crisis.

The company mitigates this by ensuring the group pricing policy remains competitive and that the service provided is exceptional.

Development and performance
The group will continue to review the current markets and its position within them , looking to make any changes in strategy that would be beneficial to the group. Plans are revised at each review and as a result the group is in a position to react to any foreseeable eventualities. The strategic planning will enable long term continuance of the group in terms of its reliability, service and results.

Financial key performance indicators
The key performance indicators for each department are as follows:

Parts - turnover
Service - mix between own and client demand
Hire - turnover and utilisation
Whole goods - number of units and market share

Overall turnover for the year at £9.1m was down 4.8% on 2023. Gross profit margin has decreased from 24.7% in 2023 to 22.8% in 2024.

On behalf of the board:





J Aiken - Director


9 June 2025

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Report of the Directors
for the Year Ended 31 December 2024


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

Dividends
During the year dividends were paid amounting to £nil (2023 - £nil).

The directors recommend that no final dividend be paid.

Directors
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J Aiken
G A Elsam

Statement of directors' responsibilities
The directors are responsible for preparing the Group strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Report of the Directors
for the Year Ended 31 December 2024


Auditors
The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





J Aiken - Director


9 June 2025

Report of the Independent Auditors to the Members of
Willoughby (30) Limited and its
subsidiaries


Opinion
We have audited the financial statements of Willoughby (30) Limited and its subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated income statement, Consolidated other comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Willoughby (30) Limited and its
subsidiaries


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Willoughby (30) Limited and its
subsidiaries


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the responsible individual ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations;
- we identified the laws and regulations applicable to the Company through discussions with directors
and other management, and from our commercial knowledge and experience of the client
Company's sector.
- we focused on specific laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the Company.
- we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;
- tested journal entries to identify unusual transactions;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the Company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Report of the Independent Auditors to the Members of
Willoughby (30) Limited and its
subsidiaries

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Hannah Butcher (Senior Statutory Auditor)
for and on behalf of Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

18 June 2025

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Consolidated Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £   

Turnover 9,120,948 9,582,783

Cost of sales 7,039,438 7,213,959
Gross profit 2,081,510 2,368,824

Distribution costs 256,530 241,804
Administrative expenses 1,214,301 1,256,926
1,470,831 1,498,730
Operating profit 5 610,679 870,094

Interest receivable and similar income 9,735 2,370
620,414 872,464

Interest payable and similar expenses 6 99,879 73,361
Profit before taxation 520,535 799,103

Tax on profit 7 125,955 199,002
Profit for the financial year 394,580 600,101
Profit attributable to:
Owners of the parent 394,580 600,101

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

Profit for the year 394,580 600,101


Other comprehensive income - -
Total comprehensive income for the
year

394,580

600,101

Total comprehensive income attributable to:
Owners of the parent 394,580 600,101

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Consolidated Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 9 3,306,496 3,156,680
Investments 10 - -
3,306,496 3,156,680

Current assets
Stocks 11 1,764,788 1,961,913
Debtors 12 1,175,955 1,092,023
Cash at bank and in hand 1,167,089 729,617
4,107,832 3,783,553
Creditors
Amounts falling due within one year 13 1,657,900 2,045,723
Net current assets 2,449,932 1,737,830
Total assets less current liabilities 5,756,428 4,894,510

Creditors
Amounts falling due after more than one
year

14

(1,124,163

)

(685,430

)

Provisions for liabilities 17 (705,753 ) (677,148 )
Net assets 3,926,512 3,531,932

Capital and reserves
Called up share capital 18 93,275 93,275
Share premium 19 11,220 11,220
Capital redemption reserve 19 39,975 39,975
Retained earnings 19 3,782,042 3,387,462
Shareholders' funds 3,926,512 3,531,932

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2025 and were signed on its behalf by:




J Aiken - Director



G A Elsam - Director


Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Company Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 9 - -
Investments 10 224,964 224,964
224,964 224,964

Current assets
Cash at bank 4,013 4,061

Creditors
Amounts falling due within one year 13 82,072 82,120
Net current liabilities (78,059 ) (78,059 )
Total assets less current liabilities 146,905 146,905

Capital and reserves
Called up share capital 18 93,275 93,275
Share premium 19 11,220 11,220
Capital redemption reserve 19 39,975 39,975
Retained earnings 19 2,435 2,435
Shareholders' funds 146,905 146,905

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2025 and were signed on its behalf by:




J Aiken - Director



G A Elsam - Director


Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 93,275 2,787,361 11,220 39,975 2,931,831

Changes in equity
Total comprehensive income - 600,101 - - 600,101
Balance at 31 December 2023 93,275 3,387,462 11,220 39,975 3,531,932

Changes in equity
Total comprehensive income - 394,580 - - 394,580
Balance at 31 December 2024 93,275 3,782,042 11,220 39,975 3,926,512

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Company Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 93,275 2,435 11,220 39,975 146,905

Changes in equity
Balance at 31 December 2023 93,275 2,435 11,220 39,975 146,905

Changes in equity
Balance at 31 December 2024 93,275 2,435 11,220 39,975 146,905

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Consolidated Statement of Cash Flows
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,483,257 1,043,504
Interest element of hire purchase or
finance lease rental payments paid

(99,879

)

(73,361

)
Tax paid (115,464 ) (84,770 )
Net cash from operating activities 1,267,914 885,373

Cash flows from investing activities
Purchase of tangible fixed assets (1,096,165 ) (903,135 )
Sale of tangible fixed assets 170,900 290,629
Interest received 9,735 2,370
Net cash from investing activities (915,530 ) (610,136 )

Cash flows from financing activities
Capital advances in year 979,200 823,006
Capital repayments in year (713,104 ) (670,373 )
Amount withdrawn by directors (181,008 ) (250,312 )
Net cash from financing activities 85,088 (97,679 )

Increase in cash and cash equivalents 437,472 177,558
Cash and cash equivalents at
beginning of year

2

729,617

552,059

Cash and cash equivalents at end of
year

2

1,167,089

729,617

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 December 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£    £   
Profit before taxation 520,535 799,103
Depreciation charges 859,812 835,547
Profit on disposal of fixed assets (84,362 ) (172,753 )
Finance costs 99,879 73,361
Finance income (9,735 ) (2,370 )
1,386,129 1,532,888
Decrease/(increase) in stocks 197,125 (240,728 )
Decrease/(increase) in trade and other debtors 38,398 (244,701 )
Decrease in trade and other creditors (138,395 ) (3,955 )
Cash generated from operations 1,483,257 1,043,504

2. Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,167,089 729,617
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 729,617 552,059


3. Analysis of changes in net funds

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 729,617 437,472 1,167,089
729,617 437,472 1,167,089
Total 729,617 437,472 1,167,089

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2024


1. Statutory information

Willoughby (30) Limited and its subsidiaries is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation
Plant and machinery- 14% - 50% straight line
Motor vehicles - 20% -50% straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


3. Accounting policies - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employees and directors
2024 2023
£    £   
Wages and salaries 1,873,899 1,810,691
Social security costs 195,822 179,785
Other pension costs 48,751 46,154
2,118,472 2,036,630

The average number of employees during the year was as follows:
2024 2023

55 56

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


4. Employees and directors - continued

2024 2023
£    £   
Directors' remuneration 17,680 57,680

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. Operating profit

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 859,811 835,547
Profit on disposal of fixed assets (84,362 ) (172,753 )
Auditors remuneration 14,000 13,750

6. Interest payable and similar expenses
2024 2023
£    £   
Hire purchase 99,879 73,361

7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 97,350 115,474

Deferred tax 28,605 83,528
Tax on profit 125,955 199,002

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


7. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 520,535 799,103
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

130,134

199,776

Effects of:
Capital allowances in excess of depreciation (28,604 ) (84,964 )
Deferred tax 28,605 83,528
Group transactions (4,052 ) 7,923

Change in UK tax rate (128 ) (7,261 )
Total tax charge 125,955 199,002

8. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.


9. Tangible fixed assets

Group
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 January 2024 8,060,704 637,535 8,698,239
Additions 844,165 252,000 1,096,165
Disposals (596,483 ) (25,446 ) (621,929 )
At 31 December 2024 8,308,386 864,089 9,172,475
Depreciation
At 1 January 2024 5,215,531 326,028 5,541,559
Charge for year 744,556 115,255 859,811
Eliminated on disposal (510,945 ) (24,446 ) (535,391 )
At 31 December 2024 5,449,142 416,837 5,865,979
Net book value
At 31 December 2024 2,859,244 447,252 3,306,496
At 31 December 2023 2,845,173 311,507 3,156,680

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


10. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 January 2024
and 31 December 2024 224,964
Net book value
At 31 December 2024 224,964
At 31 December 2023 224,964


The company owns 100% of the issued share capital of the companies listed below:

Truckmasters Handling Limited - Sale, service and maintenance of plant registered in England and Wales

Truckmasters Hire Limited - Hire of plant registered in England and Wales

Truckmasters Solutions Limited - Non trading registered in England and Wales

11. Stocks

Group
2024 2023
£    £   
Closing stock of machines 1,136,188 1,355,913
Closing stock - parts 628,600 606,000
1,764,788 1,961,913

12. Debtors: amounts falling due within one year

Group
2024 2023
£    £   
Trade debtors 805,503 1,023,056
Amounts owed by participating interests 8,050 8,050
Other debtors 48,172 8,756
Directors' loan accounts 122,330 -
Prepayments 191,900 52,161
1,175,955 1,092,023

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


13. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 633,699 890,263 - -
Corporation tax 97,350 115,464 - -
Social security and other taxes 50,282 47,499 - -
VAT 204,694 145,299 - -
Other creditors 29,118 41,009 82,072 82,120
Hire purchase and finance
lease agreements 445,427 618,063 - -
Directors' loan accounts - 58,678 - -
Accruals and deferred income 197,330 129,448 - -
1,657,900 2,045,723 82,072 82,120

Hire purchase debts are secured on the assets financed.

14. Creditors: amounts falling due after more than one year

Group
2024 2023
£    £   
Hire purchase and finance
lease agreements 1,124,163 685,430
1,124,163 685,430

Hire purchase debts are secured on the assets financed.

15. Leasing agreements

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 85,207 48,000
Between one and five years 146,414 117,000
In more than five years 57,500 80,500
289,121 245,500

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


16. Secured debts

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase agreements 2,873,083 1,303,493

The bank holds a debenture over the assets of the group as a security.

17. Provisions for liabilities

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 705,753 677,148

Group
Deferred
tax
£   
Balance at 1 January 2024 677,148
Provided during year 28,605
Balance at 31 December 2024 705,753

18. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
143,500 Ordinary shares £0.65 93,275 93,275

19. Reserves

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 3,387,462 11,220 39,975 3,438,657
Profit for the year 394,580 394,580
At 31 December 2024 3,782,042 11,220 39,975 3,833,237

Willoughby (30) Limited and its
subsidiaries (Registered number: 02938804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024


19. Reserves - continued

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 2,435 11,220 39,975 53,630
Profit for the year - -
At 31 December 2024 2,435 11,220 39,975 53,630


20. Directors' advances, credits and guarantees

During the year £254,957 was advanced to the directors. The directors repaid £73,949 The balance due from the directors was £122,330 at 31 December 2024.

21. Related party disclosures

During the year, rent was paid to Rhino Properties amounting to £nil for rental of portacabins at Norwich (2023 - £4,000). At the year end there was an outstanding balance due to Truckmasters Handling Limited of £8,050 (2023 - £8,050). Rhino Properties has waived its entitlement to a market rent of £55,000 (2023 - £55,000). Rhino Properties is a partnership of which the directors are partners.