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Registration number: 0563265

W Madden (Insulation) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

W Madden (Insulation) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

W Madden (Insulation) Limited

Company Information

Directors

Mr Timothy David Madden

Mr Paul Andrew Wilkinson

Mr Nicholas Iain Madden

Registered office

Swinnow View
Swinnow Lane
Leeds
West Yorkshire
LS13 4TZ

 

W Madden (Insulation) Limited

(Registration number: 0563265)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

461,872

473,622

Current assets

 

Stocks

5

809,247

798,098

Debtors

6

386,826

366,875

Cash at bank and in hand

 

160,063

945,457

 

1,356,136

2,110,430

Creditors: Amounts falling due within one year

7

(913,885)

(647,374)

Net current assets

 

442,251

1,463,056

Total assets less current liabilities

 

904,123

1,936,678

Provisions for liabilities

(81,445)

(79,493)

Net assets

 

822,678

1,857,185

Capital and reserves

 

Called up share capital

8

263

263

Capital redemption reserve

7,740

7,740

Other reserves

116,578

116,578

Retained earnings

698,097

1,732,604

Shareholders' funds

 

822,678

1,857,185

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 April 2025 and signed on its behalf by:
 

 

W Madden (Insulation) Limited

(Registration number: 0563265)
Balance Sheet as at 31 December 2024

.........................................
Mr Timothy David Madden
Director

 

W Madden (Insulation) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Swinnow View
Swinnow Lane
Leeds
West Yorkshire
LS13 4TZ
England

These financial statements were authorised for issue by the Board on 8 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

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

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

 

W Madden (Insulation) Limited

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

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more or (less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the valuation of fixed assets where there is no commitment to sell the asset. Deferred tax is not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% straight line

Leasehold improvements

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

W Madden (Insulation) Limited

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

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

W Madden (Insulation) Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2023 - 40).

4

tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

195,604

1,377,109

1,572,713

Additions

-

135,820

135,820

Disposals

-

(139,975)

(139,975)

At 31 December 2024

195,604

1,372,954

1,568,558

Depreciation

At 1 January 2024

39,954

1,059,136

1,099,090

Charge for the year

19,560

106,529

126,089

Eliminated on disposal

-

(118,493)

(118,493)

At 31 December 2024

59,514

1,047,172

1,106,686

Carrying amount

At 31 December 2024

136,090

325,782

461,872

At 31 December 2023

155,650

317,972

473,622

Included within the net book value of land and buildings above is £136,090 (2023 - £155,650) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

809,247

798,098

 

W Madden (Insulation) Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

299,495

302,149

Prepayments

84,616

64,726

Other debtors

2,715

-

 

386,826

366,875

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

-

2,177

Trade creditors

 

355,996

359,491

Taxation and social security

 

151,565

124,447

Accruals and deferred income

 

62,781

72,733

Other creditors

 

343,543

88,526

 

913,885

647,374

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

261

261

261

261

Ordinary A shares of £1 each

2

2

2

2

263

263

263

263

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

W Madden (Insulation) Limited

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

2024
£

2023
£

Not later than one year

245,000

243,000

Later than one year and not later than five years

590,417

827,417

835,417

1,070,417

The amount of non-cancellable operating lease payments recognised as an expense during the year was £244,500 (2023 - £191,333).

10

Related party transactions

Summary of transactions with key management

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr Timothy David Madden

Directors loan account

31,313

(175,444)

250,000

105,869

Mr Nicholas Iain Madden

Directors loan account

33,516

(203,333)

250,000

80,183

Mr Paul Andrew Wilkinson

Directors loan account

21,616

(170,807)

250,000

100,809

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Timothy David Madden

Directors loan account

86,515

(76,181)

20,979

31,313

Mr Nicholas Iain Madden

Directors loan account

142,932

(132,395)

22,979

33,516

Mr Paul Andrew Wilkinson

Directors loan account

77,047

(76,410)

20,979

21,616

 

W Madden (Insulation) Limited

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

Summary of transactions with other related parties

In February 2024 the company's parent W Madden Holdings Limited was acquired by the W Madden Employee Ownership Trust and the directors were retained in office to continue running the company.

At the balance sheet date and included in other creditors is an amount of £48,665 due to W Madden Property Limited a company owned by the directors. The amount is interest free and repayable on demand.

11

Parent and ultimate parent undertaking

The company's immediate parent is W Madden Holdings Limited, incorporated in England.

 

12

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

2,177