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Willerby Stocking Plan Limited

Registered number: 04045264
Annual report and
 financial statements
For the year ended 28 September 2024

 
WILLERBY STOCKING PLAN LIMITED
 
 
COMPANY INFORMATION


Directors
P Munk 
L Edet (appointed 1 January 2025)




Company secretary
R P McQuinn (appointed 1 January 2025)



Registered number
04045264



Registered office
Imperial House
1251 Hedon Road

Hull

North Humberside

HU9 5NA




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
Barclays Bank
5 King Edward Street

Hull

HU1 3RL




Solicitors
DLA Piper UK LLP
Princes Exchange

Princes Square

Leeds

LS1 4BY





 
WILLERBY STOCKING PLAN LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 17


 
WILLERBY STOCKING PLAN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 SEPTEMBER 2024

The Directors present their report and the financial statements for the 52 weeks ended 28 September 2024.

Directors' responsibilities statement

The Directors are responsible for preparing 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; and

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 loss for the year, after taxation, amounted to £9,992 (2023 - loss £19,284).

No dividends were declared or paid in the period (2023 - £Nil).

Directors

The Directors who served during the year were:

S Allan (resigned 31 December 2024)
P Munk 
- 1 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024

Going concern

Whilst the Company has ceased its current operations, the directors have no intention of liquidating the Company and will keep the Company in existence for the foreseeable future.

The Company has net liabilities of £125,707 as at 28 September 2024 (2023: £115,715). The Company has received a Group letter of support. Therefore, the directors, who are common with those directors of WGL Topco Limited, have considered the position of the wider Group when reaching their conclusion in respect of going concern.

The directors, who are common with those directors of WGL Topco Limited, have considered the position of the wider group, headed by WGL Topco Limited, when reaching their conclusion in respect of going concern. 

During the first half of the year the Group met its day to day working capital requirements through accumulated cash surpluses, an overdraft facility and a Revolving Credit Facility (RCF) when required. The RCF facility was in place for up to a five year period, having been set up in December 2022. In response to the challenging market conditions encountered during the year, the Group worked together with its existing provider, Barclays Bank, to put in place a new £25m Asset Backed Lending facility. This went live in April 2024, replacing the overdraft and RCF facility previously in place with a more flexible facility. The facility agreement is for 2 years.

During the year, the ultimate owners of the Group provided funds worth £10m in the form of additional Loan Notes, with a maturity date of June 2027.

The Group has net liabilities of £19.0m (2023: £9.9m net assets), which is due to the structure of the Group's long term shareholder funding.

The Group has produced a range of cash forecasts and projections that cover the period to September 2026 to assess its trading and operational performance and its ability to operate within the available facilities during the forecast period and to reflect the challenges experienced by the caravan and lodge market during the current economic slow down. These forecasts indicate that the Group will be able to operate within the level of its current facilities for during the forecast period.

The Directors have modelled a range of reasonable worst case scenarios to assess the ability of the the Group to continue in operational existence in the event these occur. These scenarios consider reductions to volumes and revenue and consider the impact of these on profit and cash generation. All of the reasonable worst case scenarios modelled indicate that the Group can continue to operate within the available facilities. The Directors have therefore prepared the accounts on a going concern basis.

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.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Post balance sheet events

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

- 2 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 9 May 2025 and signed on its behalf.
 





L Edet
Director

- 3 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLERBY STOCKING PLAN LIMITED
 

Opinion

We have audited the financial statements of Willerby Stocking Plan Limited (the ‘Company’) for the year ended 28 September 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and 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 FRS 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 28 September 2024 and of its loss 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 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.
- 4 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLERBY STOCKING PLAN LIMITED
 

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 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; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
- 5 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLERBY STOCKING PLAN LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 intend either 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 the financial statements. 
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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. 
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements:  the Bribery Act (2010), Data Protection legislation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006. 
- 6 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLERBY STOCKING PLAN LIMITED
 

In addition, we evaluated the Directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the completeness assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

Use of the audit 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.




Christopher Hudson (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP

9 May 2025
- 7 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
-
859,040

Cost of sales
  
-
(859,040)

Gross profit
  
-
-

Administrative expenses
  
5,412
8,013

Operating profit
  
5,412
8,013

Interest payable and similar expenses
 5 
(15,404)
(27,297)

Loss before tax
  
(9,992)
(19,284)

Tax on loss
 6 
-
-

Loss for the financial year
  
(9,992)
(19,284)

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 11 to 17 form part of these financial statements.

- 8 -

 
WILLERBY STOCKING PLAN LIMITED
REGISTERED NUMBER: 04045264

STATEMENT OF FINANCIAL POSITION
AS AT 28 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 7 
23,909
23,909

Cash at bank and in hand
 8 
5,000
5,000

  
28,909
28,909

Creditors: amounts falling due within one year
 9 
(154,616)
(144,624)

Net current liabilities
  
 
 
(125,707)
 
 
(115,715)

Total assets less current liabilities
  
(125,707)
(115,715)

  

Net liabilities
  
(125,707)
(115,715)


Capital and reserves
  

Called up share capital 
 10 
993,546
993,546

Profit and loss account
 11 
(1,119,253)
(1,109,261)

  
(125,707)
(115,715)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 May 2025.




L Edet
Director

The notes on pages 11 to 17 form part of these financial statements.

- 9 -

 
WILLERBY STOCKING PLAN LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
993,546
(1,089,977)
(96,431)


Comprehensive income for the year

Loss for the year
-
(19,284)
(19,284)
Total comprehensive income for the year
-
(19,284)
(19,284)



At 30 September 2023
993,546
(1,109,261)
(115,715)


Comprehensive income for the year

Loss for the year
-
(9,992)
(9,992)
Total comprehensive income for the year
-
(9,992)
(9,992)


At 28 September 2024
993,546
(1,119,253)
(125,707)


The notes on pages 11 to 17 form part of these financial statements.

- 10 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

1.


General information

Willerby Stocking Plan Limited ("'the Company") is a private limited company incorporated in the United Kingdom, limited by shares, registered number 04045264. The address of the registered office and principal place of business is Imperial House, 1251 Hedon Road, Hull, North Humberside, HU9 5NA.
The principal activity of the Company is that of the export of caravan holiday homes to European dealers for demonstration purposes using the underwritten umbrella stocking facility provided by a third party funder.

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 (see note 3).

These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.
The Company's accounting reference date is 30 September. Financial statements are made up to a 52 or 53 week period on a Saturday adjacent to 30 September each year. These financial statements are for a 52 week period ended 28 September 2024. The comparative figures are for the 52 week period ended 30 September 2023. 

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of WGL Topco Limited as at 28 September 2024 and these financial statements may be obtained from 28 Esplanade, St Helier, Jersey, JE4 2QP.

- 11 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

Whilst the Company has ceased its current operations, the directors have no intention of liquidating the Company and will keep the Company in existence for the foreseeable future.

The Company has net liabilities of £125,707 as at 28 September 2024 (2023: £115,715). The Company has received a Group letter of support. Therefore, the directors, who are common with those directors of WGL Topco Limited, have considered the position of the wider Group when reaching their conclusion in respect of going concern.

The directors, who are common with those directors of WGL Topco Limited, have considered the position of the wider group, headed by WGL Topco Limited, when reaching their conclusion in respect of going concern. 

During the first half of the year the Group met its day to day working capital requirements through accumulated cash surpluses, an overdraft facility and a Revolving Credit Facility (RCF) when required. The RCF facility was in place for up to a five year period, having been set up in December 2022. In response to the challenging market conditions encountered during the year, the Group worked together with its existing provider, Barclays Bank, to put in place a new £25m Asset Backed Lending facility. This went live in April 2024, replacing the overdraft and RCF facility previously in place with a more flexible facility. The facility agreement is for 2 years.

During the year, the ultimate owners of the Group provided funds worth £10m in the form of additional Loan Notes, with a maturity date of June 2027.

The Group has net liabilities of £19.0m (2023: £9.9m net assets), which is due to the structure of the Group's long term shareholder funding.

The Group has produced a range of cash forecasts and projections that cover the period to September 2026 to assess its trading and operational performance and its ability to operate within the available facilities during the forecast period and to reflect the challenges experienced by the caravan and lodge market during the current economic slow down. These forecasts indicate that the Group will be able to operate within the level of its current facilities for during the forecast period.

The Directors have modelled a range of reasonable worst case scenarios to assess the ability of the the Group to continue in operational existence in the event these occur. These scenarios consider reductions to volumes and revenue and consider the impact of these on profit and cash generation. All of the reasonable worst case scenarios modelled indicate that the Group can continue to operate within the available facilities. The Directors have therefore prepared the accounts on a going concern basis.

 
2.4

Turnover

Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised at the later of the required date or production date in line with the Company's terms and conditions of sale.

- 12 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

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 reporting 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 reporting 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 reporting date.


 
2.7

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.

 
2.8

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.

 
2.9

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.

- 13 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgments in applying the Company's accounting policies 
The Directors consider there to be no critical judgments in applying the Company's accounting policies. 
Key source of estimation uncertainty 
Due to the simplistic nature of the business the Directors do not consider there to be any key sources of estimation uncertainty. 


4.


Employees

The Directors who held office in the current and prior period were remunerated through another Group Company, WGL Bidco Limited. No part of these emoluments has been borne by the Company. The Company employed no staff for the 52 week period ending 28 September 2024 or for the preceding period.


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WILLERBY STOCKING PLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

5.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
15,404
27,297


6.


Taxation

Analysis of the tax charge
No liability to UK corporation tax arose for the period ended 28 September 2024 and for the period ended 30 September 2023.




Factors affecting tax charge for the period

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(9,992)
(19,284)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
(2,498)
(4,242)

Effects of:


Group relief
-
4,242

Deferred tax not recognised
2,498
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
23,909
23,909


Amounts due from group undertakings are unsecured loans repayable on demand and are interest free.

- 15 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,000
5,000



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
152,611
139,124

Accruals and deferred income
2,005
5,500

154,616
144,624


Amounts due to group undertakings are unsecured loans repayable on demand and are interest free.


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



993,546 (2023 - 993,546) Ordinary shares of £1.00 each
993,546
993,546



11.


Reserves

Profit & loss account

The profit and loss reserve represents accumulated profits and losses less any dividends declared during the year.


12.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 Section 33 not to disclose transactions with wholly owned members of the group headed by WGL Topco Limited.

- 16 -

 
WILLERBY STOCKING PLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

13.


Controlling party

The Company's immediate parent company is Burndene Investments Limited. Its registered address is 4th Floor, 115 George Street, Edinburgh, Scotland, EH2 4JN.
The Company's ultimate parent company is WGL Topco Limited. Its registered address is 28 Esplanade St Helier Jersey, JE4 2QP. Equistone Partners Europe Limited is regarded as the ultimate controlling party by virtue of its interest in the equity shares of WGL Topco Limited.
The largest and smallest group of which the Company's results are consolidated is WGL Topco Limited.

- 17 -