| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Woollard & Henry Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Woollard & Henry Limited |
| Woollard & Henry Limited (Registered number: SC036131) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Statement of Income and Retained Earnings | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 |
| Woollard & Henry Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| 18 North Silver Street |
| Aberdeen |
| AB10 1JU |
| Woollard & Henry Limited (Registered number: SC036131) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present the strategic report for the year ended 30 September 2024. |
| FAIR REVIEW OF THE BUSINESS |
| The Principal activity of the company continued to be that of manufacturing and servicing products for both the pulp and paper industry and the energy sector. |
| The Directors are satisfied with the trading results for the year. For the year ended 30 September 2024, the company recorded revenue of £6,148,510 (2023: £5,364,433) and profit before tax of £66,064 (2023: £9,581). |
| The increase in turnover for the year has been mainly attributed to the large number of capital projects which we had enjoyed over the year. The company has continued to maintain a strong balance sheet position. At the year end, the company had a net current asset position of £4,663,946 (2023: £4,918,692), net asset position of £5,732,817 (2023: £5,683,216) and a cash position of £116,130 (2023: £460,499). |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Pulp and Paper |
| Our traditional markets within the paper industry have been in continual decline for the past few decades, but as these markets have contracted there have been opportunities, as competitors exit these market which continues to be the case. |
| The increased market share has allowed us to increase turnover in the paper sector and we continue to see opportunities within the industry. |
| Over the past few years we have been able to develop new products for these sectors which are growing, although the high security market will decline over the next ten years, we still see this as a good opportunity for the larger capital projects. The company continues to explore new opportunities in terms of new global markets and new products, such as glass and basalt fibre. |
| Energy |
| The dramatic fluctuations in oil prices have created widespread challenges across the sector. However, we have seen a slight increase in turnover this year as we begin to recover from the earlier volatility. While global oil prices have remained at a relatively stable and reasonable level-enabling renewed investment in the sector-there are growing concerns about the potential long-term impact of the high windfall tax and effects of Net Zero. This may affect future investment decisions and overall sector confidence. |
| Market Development |
| Over the past year, we have been continuing to explore new potential markets where our core skills could be utilised. We have identified a number of opportunities and will continue to work to develop these. |
| Key performance indicators |
| Key performance indicators are continually monitored by management and the directors. The Directors regard turnover, Profit before tax and cash-flow as key performance indicators, alongside all health and safety issues. |
| FUTURE DEVELOPMENTS |
| The companies short term strategic ambition is in line with the group strategy, to be the preferred partner for bespoke engineering and manufacturing services across a diverse range of sectors, whilst leveraging existing capabilities to demonstrate profitable growth. |
| ON BEHALF OF THE BOARD: |
| Woollard & Henry Limited (Registered number: SC036131) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| DIVIDENDS |
| Results and dividends |
| The results for the year are set out on page 9. |
| No ordinary dividends were paid (2023: £nil). The directors do not recommend payment of a final dividend (2023: £nil). |
| FUTURE DEVELOPMENTS |
| The future developments of the company are set out in the Strategic Report, in accordance with s.414C(11) CA 2006. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| Financial risk Management |
| The company's activities expose it to a variety of financial risks including liquidity risk, credit risk and market risk (foreign exchange risk). Risk management is carried out by the company. Overall risk management programmes focus on minimising the potential adverse effects on the company's financial performance. |
| Liquidity risk |
| In order to maintain liquidity and ensure sufficient funds are available for ongoing operations and future developments, management monitor the timing of cash flow and align these with strategic planning. The company's primary source of finance is cash generated from trading activities. |
| Market Risk |
| Foreign exchange risk |
| The company has exposure to foreign currency risk but most transactions during the period occurred in functional currency. Foreign exchange risk arises from the monetary valuation of assets / liabilities that are not denominated in the functional currency and thus require balance sheet translation. Significant fluctuations in currency values result in a high risk of assets/ liabilities being over/under stated depending on direction of movement and materiality of the balance. |
| Credit Risk |
| The company's principal financial assets are bank balances and trade receivables. Credit risk is primarily attributable to trade receivables and is managed through maintaining good customer relationships and the monitoring of credit levels and settlement periods. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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). 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 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. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| 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. |
| 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 company'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 company's auditors are aware of that information. |
| AUDITORS |
| The auditor, Tawse & Partners, is deemed to be reappointed under section 487 (2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Woollard & Henry Limited |
| Opinion |
| We have audited the financial statements of Woollard & Henry Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 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; 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 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 directors are responsible for the other information. The other information comprises the information in the 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. |
| 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Woollard & Henry Limited |
| 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 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, 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 take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, 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 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. |
| Report of the Independent Auditors to the Members of |
| Woollard & Henry Limited |
| 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: |
| All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non compliance with laws and regulations throughout the audit. |
| We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include: |
| - UK GAAP |
| - Companies Act 2006 |
| - Corporation Tax legislation |
| - VAT legislation |
| - Health and Safety legislation |
| We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management. We corroborated these enquiries through our review of submitted returns, relevant correspondence with regulatory bodies and board minutes. We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by meeting with management and those charged with governance to understand where is was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the |
| implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were preformed to provide reasonable assurance that the financial statements were free of material fraud or error: |
| - | Reviewing minutes of meetings of those charged with governance; |
| - | Reviewing the level of and reasoning behind the company's procurement of legal and professional services; |
| - | In respect of amounts recoverable on contracts and accrued income, reviewing a sample of contract files to confirm the value of the outstanding claims to evidence of the contractors agreement; |
| - | Performing audit procedures 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 judgements made by management in their calculation of accounting estimates for potential management bias. |
| Our audit procedures were designed to respond to risk of material misstatement in the financial statements, recognising that the risk of no detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment. forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Woollard & Henry Limited |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| 18 North Silver Street |
| Aberdeen |
| AB10 1JU |
| Woollard & Henry Limited (Registered number: SC036131) |
| Statement of Income and Retained Earnings |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 22,883 | (6,420 | ) |
| Other operating income | 5 |
| OPERATING PROFIT | 7 |
| Interest receivable and similar income | 8 |
| 91,184 | 35,075 |
| Interest payable and similar expenses | 9 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 10 | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year |
| RETAINED EARNINGS AT END OF YEAR |
| Woollard & Henry Limited (Registered number: SC036131) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Woollard & Henry Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest pound (£) |
| The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| This company is a qualifying entity for the purposes of FRS102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements. |
| - | Section 4 'Statement of Financial Position': Reconciliation of the opening and closing number of shares; |
| - | Section 7 ' Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; |
| - | Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues'; Carrying amounts, interest income/expenses and net gain/losses for each category of financial instruments; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit and loss and in other comprehensive income; |
| - | Section 33 Related Party Disclosures'; Compensation for key management personnel. |
| The financial statements of the company are consolidated in the financial statements of Woollard & Henry Holdings Limited. These consolidated accounts are available from its registered office Stoneywood Park, Dyce, Aberdeen, AB21 7DZ. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Revenue for contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
| Grant income is recognised when there is reasonable assurance that the company will comply with conditions attached to them. |
| Interest income is recognised using the effective interest method. |
| Intangible assets other than goodwill |
| Intangible assets acquired separately from the business are recognised at cost and are subsequently measured at cost less accumulated amortisation. |
| Development costs are being amortised evenly over their estimated useful life of ten years. |
| Amortisation is recognised so as to write off the cost of the assets less their residual values over their useful lives on the following basis: |
| Development costs: 10% and 20% Straight Line |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any other impairment losses. |
| Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis: |
| Land and Buildings Freehold 2% Straight line |
| Plant & Machinery 5 - 15% Reducing balance & 25 - 33.3% straight line |
| Impairment of Fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| During the year the company benefitted from £16,050 (2023: £nil) of government grants in the form of Renewable Capability Program grant funding from Enterprise Trust Zone Ltd. In accordance with our accounting policy credit relating to revenue expenditure are included in other operating income within the Income Statement in the same year in which it is received. Credit relating to capital expenditure are released to other operating income within the Income Statement over the useful life of the fixed assets to which they relate. The remaining balance of the grant is recorded within deferred income within the Balance Sheet. |
| During the year the company benefitted from £nil (2023: £2,160) of government grants in the form of an Enabling Grant from Scottish Enterprise. In accordance with our accounting policy this credit is included in other operating income within the Income Statement in the same year in which it is received. |
| Stocks |
| Stocks and short term work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is valued at the average cost value. |
| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss. Reversals of impairment losses are also recognised in profit and loss. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of section 11 'Basic financial instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Other Financial Assets |
| Other Financial Assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured at cost less impairment. |
| Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. |
| Interest is recognised by applying the effective interest rates, except for short-term receivables when the recognition of interest would be immaterial.The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. |
| Impairment of Financial Assets |
| Financial Assets are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit and loss account. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account. |
| Derecognition of financial assets |
| Financial Assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of Financial Liabilities |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Equity Instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Cash and cash equivalents |
| Cash and cash equivalents are basis financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rare of interest on the remaining balance of the liability. |
| Pension costs and other post-retirement benefits |
| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
| Employee Benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recongnised as part of the cost of stock or fixed assets. |
| The costs of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the directors have considered the current and forecast performance. Based on the assessment, the directors are satisfied that the company can continue to meet its liabilities as they fall due for a period of at least 12 months from the approval of these financial statement and thus, have continued to adopt the going concern basis of accounting in preparing the financial statements. |
| Provisions |
| Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
| The amount recognised as a provision is the best estimate of the consideration to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
| Foreign exchange |
| Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling the date of the transaction. All differences are taken to the profit and loss account. |
| Long term contracts |
| On long term contracts profits are recognised, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as the value of work to date, except where contracts are expected to be loss making. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Key sources of estimation uncertainty |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
| Long term contracts |
| As disclosed in the accounting policies, long term contract profits are contingent on the judgements of management around the future outcomes of projects. |
| Warranty provision |
| As disclosed in the accounting policies, management have provided against future re-work that is anticipated as part of the services offered. The value of this provision is £138,000 (2023: £120,000) and is an estimate made by management. |
| Recoverability of amounts owed by group undertakings |
| At the year end, £2,399,524 (2023: £2,221,967) remains owed to the company by fellow group companies. The recoverability of this balance and any potential bad debt provision recognised is a judgement made by management. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| 5. | OTHER OPERATING INCOME |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other significant revenue |
| Sundry receipts | 36,251 | 23,159 |
| Enterprise Trust Zone grant | 16,050 | - |
| Scottish Enterprise grant | - | 2,160 |
| Interest received | 16,000 | 16,176 |
| In the opinion of the directors it would be prejudicial to disclose segmental information by geographical markets. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | EMPLOYEES AND DIRECTORS |
| The average monthly number of persons (including directors) employed by the company during the year was: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Production | 38 | 37 |
| Admin | 10 | 13 |
| 48 | 50 |
| Employees |
| Their Aggregate Remuneration comprised: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and Salaries | 2,061,157 | 2,136,562 |
| Social Security costs | 267,744 | 279,165 |
| Pension Costs | 62,868 | 48,117 |
| 2,391,769 | 2.,463,844 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 7. | OPERATING PROFIT |
| Operating profit for the year is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Enterprise Trust Zone grant | (16,050 | ) | - |
| Scottish Enterprise grant | - | (2,160 | ) |
| Auditors remuneration | 25,000 | 25,000 |
| Amortisation of intangible assets | 26,979 | 8,589 |
| Depreciation of owned tangible fixed assets | 96,817 | 103,905 |
| (Gain)/loss on disposal of tangible fixed assets | (480 | ) | (13,340 | ) |
| Exchange losses/(gains) | 60,934 | (28,007 | ) |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Interest Income |
| Other interest income | 16,000 | 16,176 |
| 16,000 | 16,176 |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loan interest |
| Hire purchase |
| 10. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current tax: |
| Adjustment in respect of prior year | - | (8,048 | ) |
| Deferred tax: |
| Origination and reversal of timing differences | ( |
) |
| Tax on profit | ( |
) |
| UK corporation tax has been charged at 19% (2023 - 21.55%). |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 10. | TAXATION - continued |
| Reconciliation of total tax charge/(credit) included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Utilisation of tax losses |
| Other tax adjustments | ( |
) | ( |
) |
| Other fixed asset timing differences | ( |
) |
| Patent box additional deduction | - | (8,048 | ) |
| Research and development claims, including adjustment in respect of prior period | - |
(11,139 |
) |
| Total tax charge/(credit) | 16,463 | (12,594 | ) |
| 11. | INTANGIBLE FIXED ASSETS |
| Development |
| costs |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | TANGIBLE FIXED ASSETS |
| Freehold |
| Land and | Plant and |
| Buildings | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Included in cost of land and buildings is freehold land of £ 163,712 (2023 - £ 163,712 ) which is not depreciated. |
| The depreciation charge for assets held under hire purchase agreements for the year ended 30 September 2024 was £10,600 (2023: £nil) with a closing net book value of £260,123 (2023:£nil). |
| 13. | STOCKS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Stocks |
| Work-in-progress |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contract |
| Other debtors |
| Amount owed by group |
| undertakings | 2,399,524 | 2,221,967 |
| Tax |
| Prepayments and accrued income |
| Amounts owed by group undertakings are interest free and repayable on demand. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts (see note 17) |
| Other loans (see note 17) |
| Hire purchase contracts (see note 18) |
| Trade creditors |
| Social security and other taxes |
| VAT | 59,399 | 31,511 |
| Other creditors |
| Deferred income |
| Accruals |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans (see note 17) |
| Other loans (see note 17) |
| Hire purchase contracts (see note 18) |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Other loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Other loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | - | 388 |
| Other loans are interest free and repayable over 50 monthly installments. |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| The amount of non cancellable operating lease payments recognised as an expense during the year was £3,000 (2023: £6,967). |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans |
| The bank loan is secured by a 1st Standard Security held over the property at Stoneywood Park, Dyce, Aberdeen, AB21 7DZ and a Bond & Floating charge over all assets of the company. |
| 20. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax | 109,157 | 92,694 |
| Warranty provisions | 138,000 | 120,000 |
| Deferred | Warranty |
| tax | Provision |
| £ | £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | 1 | 8,400 | 8,400 |
| Ordinary shares have the following rights, preferences and restrictions: |
| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |
| 22. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| At 30 September 2024 |
| 23. | PENSION COMMITMENTS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Charges to profit or loss in respect of defined contribution schemes | 62,868 | 48,117 |
| The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
| 24. | CAPITAL COMMITMENTS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| Woollard & Henry Limited (Registered number: SC036131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 25. | RELATED PARTY DISCLOSURES |
| Transactions with relates parties |
| During the year the company entered into the following transactions with related parties: |
| Sales | Purchases |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Entities with control, joint control or significant influence over company | - | 11,627 | - | - |
| The following amounts were outstanding at the reporting end date: |
| Amounts due to related Parties | 2024 | 2023 |
| £ | £ |
| Entities with control, joint control or significant influence over company | - | - |
| The company has taken advantage of exemptions under FRS 102 S.33.1A not to disclose transactions with wholly owned group undertakings. |
| Included within other debtors is an amount of £465,576 (2023: £465,576) due from other related parties. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The parent company is Woollard & Henry Holdings Limited, a company registered in Scotland. The Registered office of Woollard & Henry Holdings is Stoneywood park, Dyce, Aberdeen, AB21 7DZ. The Financial Statements of Woollard & Henry Holdings Limited are available from Companies House. Woollard & Henry Holdings Limited is controlled by the shareholders. |