Registered number
05334073
Wefco (Gainsborough) Limited
Report and Financial Statements
30 September 2024
Wefco (Gainsborough) Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Statement of directors' responsibilities 3
Strategic report 4
Independent auditor's report 6
Income statement 10
Statement of comprehensive income 11
Statement of financial position 12
Statement of changes in equity 13
Statement of cash flows 14
Notes to the financial statements 15
Wefco (Gainsborough) Limited
Company Information
Directors
P A Cook (Resigned 28th October 2024)
J A Jenkinson
G Black
D M Anderson
Auditors
Hemming Vincent LLP
Chartered Accountants
31 Abbey Road
Grimsby
North East Lincolnshire
DN32 0HQ
Bankers
Barclays Bank Plc
81 High Street
Scunthorpe
North Lincolnshire
DN15 6LZ
Registered office
Britannia Works
Station Approach
Gainsborough
Lincolnshire
DN21 2AU
Registered number
05334073
Wefco (Gainsborough) Limited
Registered number: 05334073
Directors' Report
The directors present their report and financial statements for the year ended 30 September 2024.
Principal activities
The company's principal activity during the year continued to be that of manufacturers and contractors to the construction, petro-chem and energy related industries.
Directors
The following persons served as directors during the year:
P A Cook (Resigned 28th October 2024)
J A Jenkinson
G Black
D M Anderson
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he 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 company's auditor is aware of that information.
This report was approved by the board on 26 June 2025 and signed on its behalf.
D Anderson
Director
Wefco (Gainsborough) Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Wefco (Gainsborough) Limited
Strategic Report
The directors present their strategic report for Wefco (Gainsborough) Limited for the year ended 30 September 2024.
Business review and results
The results for the year and the financial position of the company are shown in these financial statements.



The company has delivered another year of strong trading and continued profitability, reinforcing its position as a trusted engineering partner across a multitude of industry and energy sectors.
Stability was demonstrated in revenue, driven by ongoing demand across our core markets, successful customer retention, and strategic inroads into adjacent sectors.
Wefco (Gainsborough) Limited delivered strong underlying profitability during the year. The reduction in profit to prior year is attributable to targeted internal initiatives and does not reflect a decline in core business performance.
The operational benefits realised from the full integration of the Cookson and Zinn business, and optimisation of the Blyton Grange site, have contributed significantly to enhanced efficiency, responsiveness, customer service, and industry reputation.
Despite ongoing economic pressures, including inflationary costs and geopolitical volatility, Wefco has maintained strong margins.
Key highlights for the year:
New contract wins in growth markets aligned with our clean energy strategy.
Continued investment in infrastructure, digital systems, and workforce development.
Higher customer satisfaction and strong retention.
The company remains guided by its core values of safety, quality, teamwork, continuous improvement, community, sustainability, innovation, and intergrity.
Principal risks and uncertainties
The company considers its exposure to risks on an ongoing basis and implements policies and procedures to mitigate these risks. The key risks are summarised below:
Liquidity and cashflow risk
The company manages financial risk by ensuring sufficient liquidity to meet foreseeable needs and investing cash assets safely and profitably. Short-term flexibility is achieved through overdraft facilities. The company finances its investment in tangible fixed assets primarily through hire purchase contracts and loan arrangements. The maturity of these obligations is shown in the financial statements.
Interest rate risk
The company finances its operations through a combination of retained profits, finance lease contracts, loan and overdraft facilities. The company manages its exposure to interest rate fluctuations on its finance leases by entering into fixed rate agreements.
Credit risk
The company's principle credit risk is attributable to its trade debtors. This is monitored closely through diligent credit checking procedures and reviewing debt ageing and collection history in order to mitigate credit risk exposure.
Future developments
Our strategic focus remains in sustainable growth, innovation, and operational excellence. We are committed to:
Increasing capacity utilisation at both our Gainsborough and Blyton Grange sites to meet increasing demand.
Driving further growth across core and adjacent markets, maximising our scaling potential and capitalising on the growth in addressable markets.
Further developing the Cookson & Zinn portfolio to unlock synergies and open new market opportunities.
Leveraging digital and automation technologies to boost efficiency and quality.
Advancing our clean energy and low-carbon engineering offerings.
Continuing investment in our people, facilities, and processes.
The Company's forward order book stands extremely strong, providing solid visibility into the 2025 financial year.
We enter the coming year with confidence in our ability to grow, adapt, and create long-term value, which is underpinned by a solid financial foundation, a committed, talented team and a clear strategic direction.
This report was approved by the board on 26 June 2025 and signed on its behalf.
D Anderson
Director
Wefco (Gainsborough) Limited
Independent auditor's report
to the members of Wefco (Gainsborough) Limited
Opinion
We have audited the financial statements of Wefco (Gainsborough) Limited for the year ended 30 September 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the 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 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our assessment focused on key laws and regulations the entity has to comply with and areas of the financial statements we assessed has being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to the following:
obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework, including a review of legal and professional nominal codes;
obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
obtaining an understanding of the entity's risk assessment process, including the risk of fraud;
designing our audit procedures to respond to our risk assessment;
performing audit work over the risk of 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 bias, such as work in progress and sales accruals on long term contracts;
assessing key areas of estimation such as the calculations for sales accruals on long term contracts.
In response to the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence with HMRC and associated parties.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.
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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Adrian Parker FCA
(Senior Statutory Auditor)
for and on behalf of
Hemming Vincent LLP
Chartered Accountants and Statutory Auditors
31 Abbey Road
Grimsby
North East Lincolnshire
DN32 0HQ
26 June 2025
Wefco (Gainsborough) Limited
Income Statement
for the year ended 30 September 2024
Notes 2024 2023
£ £
Turnover 3 14,810,554 14,454,131
Cost of sales (10,194,601) (10,200,656)
Gross profit 4,615,953 4,253,475
Administrative expenses (3,638,455) (2,905,317)
Operating profit 4 977,498 1,348,158
Loss on sale of fixed assets (45,055) (33,258)
Interest receivable 9,277 3,242
Interest payable 7 (53,636) (43,302)
Profit on ordinary activities before taxation 888,084 1,274,840
Tax on profit on ordinary activities 8 (274,189) (326,281)
Profit for the financial year 613,895 948,559
Wefco (Gainsborough) Limited
Statement of Comprehensive Income
for the year ended 30 September 2024
Notes 2024 2023
£ £
Profit for the financial year 613,895 948,559
Other comprehensive income
Total comprehensive income for the year 613,895 948,559
Wefco (Gainsborough) Limited
Statement of Financial Position
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 10 1,944,368 2,171,443
Current assets
Stocks 11 1,156,070 1,146,498
Debtors 12 4,164,855 3,613,093
Cash at bank and in hand 2,230,865 871,018
7,551,790 5,630,609
Creditors: amounts falling due within one year 13 (6,280,984) (4,693,950)
Net current assets 1,270,806 936,659
Total assets less current liabilities 3,215,174 3,108,102
Creditors: amounts falling due after more than one year 14 (377,474) (454,937)
Provisions for liabilities
Deferred taxation 17 (314,003) (324,363)
Net assets 2,523,697 2,328,802
Capital and reserves
Called up share capital 18 336,000 351,000
Other reserves 19 64,000 49,000
Profit and loss account 20 2,123,697 1,928,802
Total equity 2,523,697 2,328,802
D Anderson
Director
Approved by the board on 26 June 2025
Wefco (Gainsborough) Limited
Statement of Changes in Equity
for the year ended 30 September 2024
Profit
Share Redemption and loss
capital reserve account Total
£ £ £ £
At 1 October 2022 366,000 34,000 1,349,243 1,749,243
Profit for the financial year - - 948,559 948,559
Dividends - - (300,000) (300,000)
Purchase of own shares transfer - - (69,000) (69,000)
Shares redeemed (15,000) 15,000 - -
At 30 September 2023 351,000 49,000 1,928,802 2,328,802
At 1 October 2023 351,000 49,000 1,928,802 2,328,802
Profit for the financial year - - 613,895 613,895
Dividends - - (350,000) (350,000)
Purchase of own shares transfer - - (69,000) (69,000)
Shares redeemed (15,000) 15,000 - -
At 30 September 2024 336,000 64,000 2,123,697 2,523,697
Wefco (Gainsborough) Limited
Statement of Cash Flows
for the year ended 30 September 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 613,895 948,559
Adjustments for:
Loss on sale of fixed assets 45,055 33,258
Interest receivable (9,277) (3,242)
Interest payable 53,636 43,302
Tax on profit on ordinary activities 274,189 326,281
Depreciation 322,129 305,333
(Increase)/decrease in stocks (9,572) 32,574
Increase in debtors (551,762) (517,024)
Increase in creditors 1,740,849 474,908
2,479,142 1,643,949
Interest received 9,277 3,242
Interest paid (53,636) (43,302)
Corporation tax paid (284,549) (320,697)
Cash generated by operating activities 2,150,234 1,283,192
Investing activities
Payments to acquire tangible fixed assets (110,900) (154,813)
Proceeds from sale of tangible fixed assets 15,999 68,388
Cash used in investing activities (94,901) (86,425)
Financing activities
Equity dividends paid (350,000) (300,000)
Payments to redeem shares (69,000) (69,000)
Repayment of loans (64,832) (67,983)
Capital element of finance lease payments (63,324) (108,900)
Cash used in financing activities (547,156) (545,883)
Net cash generated
Cash generated by operating activities 2,150,234 1,283,192
Cash used in investing activities (94,901) (86,425)
Cash used in financing activities (547,156) (545,883)
Net cash generated 1,508,177 650,884
Cash and cash equivalents at 1 October 722,688 71,804
Cash and cash equivalents at 30 September 2,230,865 722,688
Cash and cash equivalents comprise:
Cash at bank 2,230,865 871,018
Bank overdrafts 13 - (148,330)
2,230,865 722,688
Wefco (Gainsborough) Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and fixtures 10%, 20% and 33% straight line
Motor vehicles 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Critical accounting estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions in applying the company's accounting policies to determine the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
3 Analysis of turnover 2024 2023
£ £
Sale of goods 14,810,554 14,454,131
By geographical market:
UK 14,360,714 13,775,634
Europe 331,030 103,436
Rest of world 118,810 575,061
14,810,554 14,454,131
4 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 233,045 219,929
Depreciation of assets held under finance leases and hire purchase contracts 89,084 85,404
Operating lease rentals - plant and machinery 22,492 22,492
Operating lease rentals - land and buildings 159,799 155,932
Auditors' remuneration for audit services 39,500 29,500
Carrying amount of stock sold 7,613,356 7,983,372
5 Directors' emoluments 2024 2023
£ £
Emoluments 632,307 498,007
Highest paid director:
Emoluments 230,431 161,204
6 Staff costs 2024 2023
£ £
Wages and salaries 4,221,511 3,595,259
Social security costs 451,053 366,320
Other pension costs 263,849 124,944
4,936,413 4,086,523
Average number of employees during the year Number Number
Administration 21 19
Manufacturing 75 76
Sales 4 4
100 99
7 Interest payable 2024 2023
£ £
Bank loans and overdrafts 53,636 43,302
8 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 286,667 320,697
Adjustments in respect of previous periods (2,118) -
284,549 320,697
Deferred tax:
Origination and reversal of timing differences (10,360) 5,584
Tax on profit on ordinary activities 274,189 326,281
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 888,084 1,274,840
Standard rate of corporation tax in the UK 25% 25%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 222,021 318,710
Effects of:
Expenses not deductible for tax purposes 64,646 1,987
Adjustments to tax charge in respect of previous periods (2,118) -
Current tax charge for period 284,549 320,697
Factors that may affect future tax charges
There are no factors affecting future tax charges.
9 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 6
At 30 September 2024 6
Amortisation
At 1 October 2023 6
At 30 September 2024 6
Carrying amount
At 30 September 2024 -
Goodwill has been fully written off.
10 Tangible fixed assets
Freehold Land and buildings Motor vehicles Plant, machinery and fixtures Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 October 2023 630,060 76,515 3,631,199 4,337,774
Additions - 40,340 115,768 156,108
Disposals - (31,130) (178,475) (209,605)
At 30 September 2024 630,060 85,725 3,568,492 4,284,277
Depreciation
At 1 October 2023 15,297 39,088 2,111,946 2,166,331
Charge for the year 10,918 16,020 295,191 322,129
On disposals - (19,716) (128,835) (148,551)
At 30 September 2024 26,215 35,392 2,278,302 2,339,909
Carrying amount
At 30 September 2024 603,845 50,333 1,290,190 1,944,368
At 30 September 2023 614,763 37,427 1,519,253 2,171,443
2024 2023
£ £
Carrying value of plant and machinery included above held under finance leases and hire purchase contracts 187,499 177,873
11 Stocks 2024 2023
£ £
Raw materials and consumables 877,868 754,125
Work in progress 278,202 392,373
1,156,070 1,146,498
12 Debtors 2024 2023
£ £
Trade debtors 3,140,505 2,447,918
Recoverable contract balances 800,928 960,561
Other debtors 223,422 204,614
4,164,855 3,613,093
Included in other debtors is an amount of £100,000 (2023 £Nil) due from a related party, Exxollon Limited. There is an option to convert this debt to share capital.
13 Creditors: amounts falling due within one year 2024 2023
£ £
Bank overdrafts - 148,330
Bank loans 67,854 66,196
Obligations under finance lease and hire purchase contracts 50,389 57,532
Trade creditors 1,450,240 1,928,830
Payments on account 2,310,689 935,610
Other taxes and social security costs 1,090,002 842,831
Other creditors 1,311,810 714,621
6,280,984 4,693,950
14 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 345,128 411,618
Obligations under finance lease and hire purchase contracts 32,346 43,319
377,474 454,937
15 Loans 2024 2023
£ £
Analysis of maturity of debt:
Within one year or on demand 67,854 214,526
Between one and two years 17,854 67,741
Between two and five years 327,274 343,877
412,982 626,144
Bank facilities are securred by a charge over Blyton Grange, Gainsborough, a debenture, chattel mortgages and limited personal director guarantees.
16 Obligations under finance leases and hire purchase 2024 2023
contracts £ £
Amounts payable:
Within one year 50,389 57,532
Within two to five years 32,346 43,319
82,735 100,851
The finance lease and hire purchase obligations primarily relate to the aquisition of plant and equipment and are secured by a charge over the vehicle related to the individual contract. Contracts are primarily for the duration of 36 months and have interest rates in the range of 6% to 10% over the full term of the contract.
17 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 314,003 324,363
2024 2023
£ £
At 1 October 324,363 318,779
(Credited)/charged to the profit and loss account (10,360) 5,584
At 30 September 314,003 324,363
18 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 336,000 336,000 351,000
19 Capital redemption reserve 2024 2023
Revaluation reserve £ £
At 1 October 49,000 34,000
Transfer from the profit and loss account 15,000 15,000
At 30 September 64,000 49,000
20 Profit and loss account 2024 2023
£ £
At 1 October 1,928,802 1,349,243
Profit for the financial year 613,895 948,559
Purchase of own share transfer (69,000) (69,000)
Dividends (350,000) (300,000)
At 30 September 2,123,697 1,928,802
21 Dividends 2024 2023
£ £
Dividends on ordinary shares (note 20) 350,000 300,000
22 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings Other Other
2024 2023 2024 2023
£ £ £ £
Falling due:
within one year - - 6,955 -
within two to five years 700,000 - 21,151 51,700
(five year rental charge)
700,000 - 28,106 51,700
There are no operating lease incentives.
23 Related party transactions
During the year dividends were paid to shareholding directors of £75,521 (2023: £61,966).
During the year the company traded with the following related party companies.
Purchases from these companies were as follows:
2024 2023
£ £
NXT Aequitas 119,570 148,164
Verto Solutions Limited 10,000 10,000
Balance due from a related party company as at the year end 100,000 -
(see note 12)
24 Controlling party
The company is wholly controlled by the directors.
25 Presentation currency
The financial statements are presented in Sterling.
26 Legal form of entity and country of incorporation
Wefco (Gainsborough) Limited is a private company limited by shares and incorporated in England.
27 Principal place of business
The address of the company's principal place of business and registered office is:
Britannia Works
Station Approach
Gainsborough
Lincolnshire
DN21 2AU
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