REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Lister Wilder Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Lister Wilder Limited |
Lister Wilder Limited (Registered number: 01966449) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 8 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Notes to the Financial Statements | 15 |
Lister Wilder Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Lister Wilder Limited (Registered number: 01966449) |
Strategic Report |
for the Year Ended 31 December 2024 |
The directors present their strategic report for the year ended 31 December 2024. |
REVIEW OF BUSINESS |
2024 was a more testing year for all three pillars of our business - our Agricultural team showed resilience in the face of significant sector-wide pressures, the Groundcare team continued to provide stable performance, and the Construction team weathered a slower market following an exceptional 2023. |
Turnover reduced to £82.5 million, down from just under £89 million in 2023, a reflection of macroeconomic headwinds that tempered customer confidence and delayed some larger purchasing decisions. Despite this, all divisions remained active and engaged, delivering over 1,400 Kubota machines into the hands of customers across Central Southern England. The Construction business, while down slightly from the peak of 2023, continued to build on the momentum gained from the acquisition of the neighbouring Kubota Dealership, Harper Plant. |
Our position as the largest Kubota dealership in Europe was maintained for the fourth consecutive year - a clear indicator of the trust placed in us by customers, suppliers and partners. This continued success is only possible due to the hard work of our 200-strong team across our network of branches in Bristol, Cirencester, Salisbury, Reading, Guildford and Ashford. |
We remain committed to our goal - delivering the service and experience of a family-run business while competing and performing at the highest level. Our sales team worked hard to secure orders in a more cautious market, and the aftersales operation once again proved essential in supporting our customers and driving loyalty. |
As recognised in our 2023 report, we entered 2024 knowing it would be a tougher year, and while turnover and margins came under pressure, we are pleased to have delivered an operating profit of £1.35 million. |
This is a creditable result considering ongoing inflation, higher energy and fuel costs, and the continued strain of elevated stockholding charges, all of which had to be absorbed by the business. |
The year saw us further invest in our hire fleet where we continued to see growth in demand we believe due to the relatively high interest rates that were still present at the start of the year and has continued despite some reduction in rates since. Whilst this and an increase in stock held resulted in a decrease to the cash holding and liquidity in the cash flow cycle, the company retains sufficient cash reserves and immediate liquidity channels to ensure it remains financially secure. |
Looking ahead, we remain cautious but confident. We recognise that further hard work lies ahead in 2025, but we are optimistic that our foundations - strong customer relationships, committed people, and a clear long-term strategy - will help us navigate the road ahead. Our wide geographical coverage and strong franchises remain a vital part of our ability to succeed in the face of changing market conditions. |
KEY PERFORMANCE INDICATORS |
The Key Performance indicators are considered to be Turnover, Gross Margin and Operating Profit: |
2024 | 2023 |
TURNOVER | £82,519,122 | £88,970,162 |
GROSS MARGIN | 15.9% | 13.9% |
OPERATING PROFIT | £1,350,294 | £1,944,349 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's financial risk management objectives and policies are deemed to be appropriate to the size and nature of its activities. The board does not consider that the company has any major issues in relation to the cash flow or liquidity risk. Risk mitigation has been discussed in detail within the Directors report. |
Lister Wilder Limited (Registered number: 01966449) |
Strategic Report |
for the Year Ended 31 December 2024 |
SECTION 172(1) STATEMENT |
The directors consider that they have performed their duties in line with S172 Companies Act 2006. The directors have acted in such a way as to promote the success of the company for the benefit of the shareholders and by having regard for the potential impact of decisions on other key stakeholder groups (for example employees, customers and suppliers). The directors are also aware of their responsibilities to ensure the company acts fairly in all its dealings and communications with key stakeholder groups and to consider the impact of the company's operations on the wider community and environment. |
EMPLOYEE ENGAGEMENT |
The engagement of everyone that works for Lister Wilder is crucial to its continued success. Our policies and benefits are designed to encourage the team to remain engaged with the company's activities and to reward them according to their contribution to our financial performance. |
Our policies do not discriminate between team members or potential team members. If a colleague were to become disabled whilst in employment and as a result was unable to perform their duties, every effort would be made to offer suitable alternative employment and assistance with retraining. |
Communication is a priority, and regular meetings are held between departments, management groups and branches to ensure everyone is kept informed and given an opportunity to shape the future of the business. We operate a virtual 'suggestion box' to allow team members to voice their opinions for improvements and change. |
SUPPLIERS, CUSTOMERS AND COMMUNITY |
The company maintains an ongoing dialogue with its customers and suppliers which is a major part of the company's activities. The company is active in the community and raises money for charity and good causes on an annual basis. |
SHAREHOLDERS |
Key management of the company have regular review meetings with the shareholders covering Finance, Logistics, Operations and Business Strategy and Development. Senior Management Meetings and Board Meetings are held on a monthly basis. |
ON BEHALF OF THE BOARD: |
Lister Wilder Limited (Registered number: 01966449) |
Report of the Directors |
for the Year Ended 31 December 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of The principal activity of the company during the year under review was that of the selling of agricultural and amenity plant and machinery and associated parts together with the repair and service of these items. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2024 was £Nil (2023: £350,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
FINANCIAL INSTRUMENTS |
Financial risk management objectives and policies |
The company holds or issues financial instruments in order to achieve three main objectives, being: |
(a) to finance its operations; |
(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and |
(c) for trading purposes. |
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations. |
Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below. |
Interest rate risk |
The company has loans from Lombard Asset Finance and Hitachi Capital (UK) PLC for the purchase of stock. These are at 3% and 2.75% over base rate. Accordingly, should base rate rise, then there is an exposure to an interest rate risk on any such increase. However the underlying assets which are financed by these loans are only held for short periods, thus mitigating any potential risk. |
Credit risk |
The company monitors and checks credit ratings of its customers closely and considers that this policy meets the objective of managing and minimising exposure to credit risk. |
Liquidity risk |
The company tightly controls cashflow by budgeting in advance for expenditure and actively chasing customers to pay promptly to allow expenditure to be met when due. This budgeting procedure ensures liquidity is maintained. |
Currency risk |
The company has no material exposure to trade in foreign currencies and is therefore not exposed to currency risk. |
Fair values of financial assets and liabilities |
There is no material difference between the fair value of the company's financial assets and liabilities and their book value. |
Hedging activities |
No hedging activities are undertaken. |
STREAMLINED ENERGY AND CARBON REPORTING |
The business recognises the impact its operations have on the environment. |
Stated below is the mandatory reporting of energy and greenhouse gas emissions for the period 1st January 2024 to 31 December 2024. This reporting period has been chosen to match the organisations own financial reporting year. |
Lister Wilder Limited (Registered number: 01966449) |
Report of the Directors |
for the Year Ended 31 December 2024 |
Our methodology used to calculate our greenhouse emissions is based on the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. |
Only environmental impacts from greenhouse gases (GHG) are included in this report section. |
The report has been limited to Scope 1, 2 and 3 emissions as required by SECR reporting. |
Greenhouse Gas Emissions |
Table 1 below shows the GHG emissions in tonnes of Carbon Dioxide equivalent for the year 2024. |
The general definitions of GHG scopes are detailed below: |
Scope 1 - All Direct Emissions from the activities of an organisation or under their control. Including combustion of fuel on site such as gas boilers and purchased fuel for vehicles. |
Scope 2 - Indirect Emissions from electricity purchased and used by the organisation. |
Scope 3 - Other Indirect emissions from activities of the organisation, occurring from sources that they do not own or control. Only employee car mileage claims need including for SECR. |
Table 1: Greenhouse Gas Emissions (GHG) |
Emission Source |
Units |
Reporting Year 2024 |
Reporting Year 2023 |
Scope 1 | Gas Fuel | Emissions (tCO2e) | - | - |
Petrol Fuel | Emissions (tCO2e) | 7.5 | 4.7 |
Diesel Fuel | Emissions (tCO2e) | 860 | 785.9 |
Sub Total | Emissions (tCO2e) | 867.5 | 790.6 |
Scope 2 | Grid Electricity | Emissions (tCO2e) | - | - |
Sub Total | Emissions (tCO2e) | - | - |
Scope 3 | Car Mileage Claims | Emissions (tCO2e) | 3 | 3 |
Sub Total | Emissions (tCO2e) | 3 | 3 |
Total Emissions | Emissions (tCO2e) | 870.5 | 793.6 |
Underlying Energy Use |
Table 2 below shows the energy use for Lister Wilder Ltd in kilowatt hours (kWh) for the reporting year of 2024. Total energy used for 2024 was 556,044 kWh. |
Emission Source |
Units |
Reporting Year 2024 |
Reporting Year 2023 |
Scope 1 | Gas Fuel | Energy (kWh) | 92,938 | 86,849 |
Sub Total | Energy (kWh) | 92,938 | 86,849 |
Scope 2 | Grid Electricity | Energy (kWh) | 463,106 | 447,956 |
Sub Total | Energy (kWh) | 463,106 | 447,956 |
Total Emissions | Energy (kWh) | 556,044 | 534,806 |
Intensity Ratios |
The tables below show the intensity ratios for the organisation. |
The normalising factor to give comparable data for the company is the number of Full Time Equivalent (FTE) staff. The number of FTEs would be the most consistent indicator, year over year for Lister Wilder Ltd. Sales can fluctuate and floor area is not necessarily representative of energy consumed or greenhouse gases emitted for the company. The number of staff has grown over recent years with the opening of new depots; this is the biggest cause of energy consumption and fuel consumption rising in the company. |
Table 3: Operation Consumption Intensity Ratios |
Normalising Factor |
Units |
Reporting Year 2024 |
Reporting Year 2023 |
Number of Full Time Equivalent staff | Kwh/average staff numbers | 2,866.21 | 2,906.55 |
Lister Wilder Limited (Registered number: 01966449) |
Report of the Directors |
for the Year Ended 31 December 2024 |
Table 4: Operation Emissions Intensity Ratios |
Normalising Factor |
Units |
Reporting Year 2024 |
Reporting Year 2023 |
Number of Full Time Equivalent staff | tCO2e/average staff numbers | 4.49 | 4.30 |
Energy Efficiency Actions Taken |
Much of our fuel is consumed by engineers attending customer sites and from the delivery of machinery and parts.Our policy goals are: |
- | Optimising routing to reduce average miles per job |
- | Improving driver behaviour through training and monitoring |
- | Improving the average fuel efficiency of the vehicle fleet through informed purchase choices |
For vehicle purchases we now use two approaches: |
- | Extend asset life to reduce the frequency and hence volume, value and embedded carbon |
of replacement purchases |
- | Use embedded carbon emissions data as a part of our decision process to select the best |
performing vehicles available at the time |
In 2024 the board agreed to change the replacement policy to: |
- | Standard for cars is now 5 years |
- | Standard for commercial is now 7 years |
- | Standard for lorries is now 7 years |
The company continues to focus on improvement of energy efficiency programmes including driver training, further fleet replacement and obtaining power from renewable energy sources and suppliers. |
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; |
- | state whether applicable 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. |
DIRECTOR' INDEMNITIES |
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. |
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. |
Lister Wilder Limited (Registered number: 01966449) |
Report of the Directors |
for the Year Ended 31 December 2024 |
AUDITORS |
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Lister Wilder Limited |
Opinion |
We have audited the financial statements of Lister Wilder Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 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 31 December 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. |
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. |
Report of the Independent Auditors to the Members of |
Lister Wilder Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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. |
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: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. |
Our approach was as follows: |
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation. |
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. |
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. |
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. |
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. |
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 |
Lister Wilder 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 Auditor |
Chartered Accountants |
Lennox House |
3 Pierrepont Street |
Bath |
Somerset |
BA1 1LB |
Lister Wilder Limited (Registered number: 01966449) |
Income Statement |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
13,079,062 | 12,190,518 |
24,012 | 159,962 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Lister Wilder Limited (Registered number: 01966449) |
Other Comprehensive Income |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Lister Wilder Limited (Registered number: 01966449) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lister Wilder Limited (Registered number: 01966449) |
Statement of Changes in Equity |
for the Year Ended 31 December 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2024 |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Lister Wilder Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and are presented in Pounds Sterling (GBP). |
Going Concern |
The directors have considered the ability of the Company to trade as a going concern. The directors believe the Company has sufficient cash reserves which will enable it to meet its liabilities as they fall due for at least 12 months from the date of approving these financial statements. |
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 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 paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill assets are initially measured at cost. After initial recognition, goodwill assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Leasehold Property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Hire equipment | - |
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Financial instruments are recognised on the Group's statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price unless the arrangement constitutes a financing transaction which includes transaction costs for financial instruments not subsequently measured at fair value. Subsequent to initial recognition, they are measured as set out below. A financing transaction is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payouts is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the undiscounted amount of cash receivable, which is normally the invoice price, less any allowances for doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents consist of cash on hand and balances with banks, and investments in money market instruments which are readily convertible, being those with original maturities of three months or less. |
Cash and cash equivalents are measured at fair value, based on the relevant exchange rates at the reporting date. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options in relation to ordinary shares are shown in equity as a deduction, net of taxation, from the proceeds. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as creditors falling due within one year if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as creditors falling due after one year. |
Trade creditors are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price. |
Borrowing and borrowing costs |
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. |
All other borrowing costs are recognised in net profit or loss in the period in which they are incurred. |
Leases |
Leases are classified as finance leases when the terms of the lease transfer substantially all of the risks and rewards of ownership from the lessor to the lessee. All other leases are classified as operating leases. |
Amounts due from lessees under finance leases are recorded as receivables at the amount of the Company's net investment in the relevant leases. Income from finance leases is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company's net investment outstanding in respect of the relevant leases. |
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease. |
Assets held under finance leases are recognised as assets of the Company at the lower of the assets fair value at the date of acquisition and the present value of the minimum lease payments. The related liability to the lessor is included in the statement of financial position as a finance lease obligation. |
Finance costs, which represent the difference between the total leasing commitment and the fair value of the assets acquired, are charged to the income statement over the term of the relevant lease so as to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Dividend distributions |
Dividend distribution to the Company's shareholders is recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the Company's shareholders. |
Critical Judgements |
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. |
Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. |
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are stock provisioning and fixed asset depreciation. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Europe |
4. | OTHER OPERATING INCOME |
Other operating income is comprised of rebates and other credit charges. |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Wholegoods, plant and hire | 50 | 44 |
Parts and services | 121 | 111 |
Administration | 31 | 29 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
Other non- audit services |
Foreign exchange differences |
Operating lease rentals |
The auditors' remuneration fees have been incurred by the parent company, Lister Wilder Group Limited. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Stocking loan interest |
Hire purchase |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge 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: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Other | 7,638 | 2,641 |
Profit on disposal of assets | (6,964 | ) | (23,978 | ) |
Deferred tax | 121,833 | 464,444 |
Total tax charge | 231,697 | 561,553 |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and |
Property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Motor | Hire |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Included within the net book value of £5,627,960 is £2,202,695 (2023 - £2,359,136) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £524,352 (2023 - £503,463). |
12. | STOCKS |
2024 | 2023 |
£ | £ |
Work-in-progress |
Finished goods |
Included above are allowances for estimated irrecoverable stock of £494,143 (2023: £1,150,002). |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Provision for doubtful debts | (79,591 | ) | (98,504 | ) |
Amounts owed by group | 17,748 | - |
Other debtors |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans (see note 16) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Amounts owed to group | - | 250,000 |
Hire purchase agreements | 685,283 | 705,177 |
Accruals and deferred income |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans (see note 16) |
Hire purchase agreements | 764,717 | 1,121,469 |
Stocking loans | 5,518,967 | 5,615,339 |
16. | LOANS |
Included within creditors are other loans outstanding at the year end of £68,197 (2023: £147,508) for various plant and equipment assets. This balance is fully comprised of amounts falling due within one year. |
Liabilities in respect of hire purchase agreements are secured on the assets to which they relate. |
Stocking loans of £5,518,967 (2023: £5,615,339) are secured on the assets to which they relate and are repayable at various dates over more than one year. Interest is charged on these loans at 2.25% above the Bank of England base rate. |
Debentures and Guarantees |
Barclays Bank hold a Debenture and Cross Guarantee (including fixed and floating charges) over the assets between Lister Wilder Group Limited and Lister Wilder Limited. |
Barclays Bank hold Guarantees and Debentures over the fixed and floating charges over assets of the Company. |
Lombard North Central PLC hold a charge over the Sub-Hire agreements. |
17. | LEASING AGREEMENTS |
The present value of finance lease agreements is as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Within one year | 685,283 | 705,177 |
In more than one year | 764,717 | 1,121,469 |
1,450,000 | 1,826,646 |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Within one year | 618,743 | 514,441 |
Between one and five years | 1,802,560 | 1,674,248 |
In more than five years | 1,749,968 | 1,964,014 |
4,171,271 | 4,155,702 |
Included within the above are amounts totalling £1,186,667 (2023: £1,594,973) in respect of lease payments falling due to Lister Wilder Group Limited, the parent company. |
18. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Lister Wilder Limited (Registered number: 01966449) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
18. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Charge to Income Statement during year |
Balance at 31 December 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100,000 | 100,000 |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Profit for the year |
At 31 December 2024 |
21. | SECURITIES HELD |
Barclays Bank - There is a cross guarantee and debenture between Lister Wilder Limited and Lister Wilder Group Limited dated 02 March 2020. |
22. | RELATED PARTY DISCLOSURES |
The company paid total rental amounts of £22,545 (2023: £22,545) to directors during the year. |
The company also paid total rental amounts of £138,000 (2023: £130,000) to a Self Invested Personal Pension Scheme, held to the benefit of some of the directors. |
During the year, rent and service charges of £250,000 (2023: £180,000) were charged to the company from Lister Wilder Group Ltd, the parent company. |
Included within other creditors is £132,252 (2023: £250,000) owed by Lister Wilder Group Ltd. |
Included within trade creditors is £166 (2023: £187) owed by Lister Wilder Group Ltd. |