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Registered number: 03961301









Willan Group Limited









Directors' Report and Financial Statements

For the Year Ended 31 March 2025

 
Willan Group Limited
 
 
Company Information


Directors
A Booth 
K Alderson 
L Willan 




Company secretary
A Booth



Registered number
03961301



Registered office
2 Brooklands Road
Sale

Cheshire

M33 3SS




Independent auditors
Hurst Accountants
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Willan Group Limited
 

Contents



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Consolidated Statement of Comprehensive Income
7
Consolidated Balance Sheet
8 - 9
Company Balance Sheet
10
Consolidated Statement of Changes in Equity
11 - 12
Company Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 25


 
Willan Group Limited
 
 
 
Directors' Report
For the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Principal activity

The Group's principal activity continues to be holding of investment properties. The principal activity of the Company is that of a holding company.

Directors

The directors who served during the year were:

A Booth 
K Alderson 
L Willan 

Results and dividends

The profit for the year, after taxation, amounted to £1,889,405 (2024 - £609,192).

Dividends declared during the year amount to £123,606 (2024 - £110,722).
The directors do not recommend the payment of a final dividend.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
Willan Group Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 March 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsHurst Accountantswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

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

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





A Booth
Director

Date: 3 July 2025

Page 2

 
Willan Group Limited
 
 
 
Independent Auditors' Report to the Members of Willan Group Limited
 

Opinion


We have audited the financial statements of Willan Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
Willan Group Limited
 
 
 
Independent Auditors' Report to the Members of Willan Group Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Group Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
Willan Group Limited
 
 
 
Independent Auditors' Report to the Members of Willan Group Limited (continued)


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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption.
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 5

 
Willan Group Limited
 
 
 
Independent Auditors' Report to the Members of Willan Group Limited (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
 


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 Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Chris Stewardson (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

3 July 2025
Page 6

 
Willan Group Limited
 
 
Consolidated Statement of Comprehensive Income
For the Year Ended 31 March 2025

2025
2024
Note
£
£

  

Turnover
  
2,467,610
2,244,167

Cost of sales
  
(723,946)
(673,991)

Gross profit
  
1,743,664
1,570,176

Administrative expenses
  
(1,032,472)
(944,616)

Fair value movements
  
1,543,932
(295,526)

Operating profit
  
2,255,124
330,034

Profit on disposal of ground rents
  
495
19,327

Share of profit from joint ventures
  
250,761
375,397

Interest receivable and similar income
  
19,185
149,292

Interest payable and similar expenses
  
(87,446)
(168,606)

Profit before taxation
  
2,438,119
705,444

Tax on profit
 5 
(548,714)
(96,252)

Profit for the financial year
  
1,889,405
609,192

Owners of the parent Company
  
1,889,405
609,192

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

The notes on pages 14 to 25 form part of these financial statements.

Page 7

 
Willan Group Limited
Registered number: 03961301

Consolidated Balance Sheet
As at 31 March 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 6 
121,169
115,217

Investments
 7 
3,107,811
3,231,630

Investment property
 8 
34,764,734
33,222,119

  
37,993,714
36,568,966

Current assets
  

Debtors: amounts falling due within one year
 9 
455,871
745,149

Cash at bank and in hand
 10 
2,030,892
1,314,731

  
2,486,763
2,059,880

Creditors: amounts falling due within one year
 11 
(2,623,647)
(2,399,399)

Net current liabilities
  
 
 
(136,884)
 
 
(339,519)

Total assets less current liabilities
  
37,856,830
36,229,447

Creditors: amounts falling due after more than one year
 12 
(1,154,300)
(1,679,300)

Provisions for liabilities
  

Deferred taxation
 14 
(3,011,739)
(2,625,155)

  
 
 
(3,011,739)
 
 
(2,625,155)

Net assets
  
33,690,791
31,924,992


Capital and reserves
  

Called up share capital 
  
339,512
339,512

Revaluation reserve
 15 
11,490,276
9,946,344

Capital redemption reserve
 15 
16,218
16,218

Merger reserve
 15 
8,451,095
8,451,095

Profit and loss account
 15 
13,393,690
13,171,823

Equity attributable to owners of the parent Company
  
33,690,791
31,924,992


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


A Booth
Director

Date: 3 July 2025

The notes on pages 14 to 25 form part of these financial statements.
Page 8

 
Willan Group Limited
Registered number: 03961301
    
Consolidated Balance Sheet (continued)
As at 31 March 2025


Page 9

 
Willan Group Limited
Registered number: 03961301

Company Balance Sheet
As at 31 March 2025

2025
2024
Note
£
£

Fixed assets
  

Investments
 7 
10,007,175
10,007,175

  
10,007,175
10,007,175

Current assets
  

Debtors: amounts falling due within one year
 9 
1,025,139
1,025,139

  
1,025,139
1,025,139

Total assets less current liabilities
  
 
 
11,032,314
 
 
11,032,314

  

Creditors: amounts falling due after more than one year
 12 
(1,154,300)
(1,154,300)

  

Net assets
  
9,878,014
9,878,014


Capital and reserves
  

Called up share capital 
  
339,512
339,512

Capital redemption reserve
 15 
16,218
16,218

Merger reserve
 15 
8,451,095
8,451,095

Profit and loss account carried forward
  
1,071,189
1,071,189

  
9,878,014
9,878,014


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not
presented its own Statement of Comprehensive Income in these financial statements.
The profit for the parent company for the year was £123,606 (2024: 
£110,722).

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


A Booth
Director

Date: 3 July 2025

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 
Willan Group Limited
 

Consolidated Statement of Changes in Equity
For the Year Ended 31 March 2025


Called up share capital
Capital redemption reserve
Revaluation reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 April 2024
339,512
16,218
9,946,344
8,451,095
13,171,823
31,924,992


Comprehensive income for the year

Profit for the year
-
-
-
-
1,889,405
1,889,405

Surplus on revaluation of other fixed assets
-
-
1,543,932
-
(1,543,932)
-
Total comprehensive income for the year
-
-
1,543,932
-
345,473
1,889,405

Dividends: Equity capital
-
-
-
-
(123,606)
(123,606)


Total transactions with owners
-
-
-
-
(123,606)
(123,606)


At 31 March 2025
339,512
16,218
11,490,276
8,451,095
13,393,690
33,690,791


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 
Willan Group Limited
 

Consolidated Statement of Changes in Equity
For the Year Ended 31 March 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 April 2023
339,512
16,218
10,205,126
8,451,095
12,414,571
31,426,522


Comprehensive income for the year

Profit for the year
-
-
-
-
609,192
609,192

Surplus on revaluation of other fixed assets
-
-
(258,782)
-
258,782
-
Total comprehensive income for the year
-
-
(258,782)
-
867,974
609,192


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
-
(110,722)
(110,722)


Total transactions with owners
-
-
-
-
(110,722)
(110,722)


At 31 March 2024
339,512
16,218
9,946,344
8,451,095
13,171,823
31,924,992


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 
Willan Group Limited
 

Company Statement of Changes in Equity
For the Year Ended 31 March 2025


Called up share capital
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2023
339,512
16,218
8,451,095
1,071,189
9,878,014


Comprehensive income for the year

Profit for the year
-
-
-
110,722
110,722
Total comprehensive income for the year
-
-
-
110,722
110,722


Distributions to owners

Dividends: Equity capital
-
-
-
(110,722)
(110,722)


Total transactions with owners
-
-
-
(110,722)
(110,722)



At 1 April 2024
339,512
16,218
8,451,095
1,071,189
9,878,014


Comprehensive income for the year

Profit for the year
-
-
-
123,606
123,606
Total comprehensive income for the year
-
-
-
123,606
123,606


Distributions to owners

Dividends: Equity capital
-
-
-
(123,606)
(123,606)


Total transactions with owners
-
-
-
(123,606)
(123,606)


At 31 March 2025
339,512
16,218
8,451,095
1,071,189
9,878,014


The notes on pages 14 to 25 form part of these financial statements.

Page 13

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

1.


General information

The principle activity of Willan Group Limited ('the company') and its subsidaries (together 'the group') is property development and the holding of investment properties throughout the north of England. The principal activity of the Company is that of a holding company. The Company is a private company limited by shares and is incorporated in England. The registered office is 2 Brooklands Road, Sale, Cheshire, M33 3SS

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Revenue

Turnover shown in the profit and loss accounts represents rent receivable during the year, exclusive of VAT.
Rental income is recognised in the period to which it relates, taking into account any provision for lease incentives.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Page 14

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.7

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 15

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
1% Straight line
Office equipment
-
25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment properties are carried at fair value determined annually by external valuers and the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 16

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.11

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


Page 17

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.16

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
 
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash o rother consideration expected to be paid or received.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
34,125
32,500


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2024 - 15).






Page 18

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

5.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
162,130
141,023

Adjustments in respect of previous periods
-
(7,622)


162,130
133,401


Total current tax
162,130
133,401

Deferred tax


Origination and reversal of timing differences
-
(405)

Changes to tax rates
-
(57,091)

Revaluation movements
385,654
20,347

Adjustment in respect of prior periods
930
-

Total deferred tax
386,584
(37,149)


Tax on profit
548,714
96,252

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
2,438,119
705,444


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
609,530
167,775

Effects of:


Expenses not deductible for tax purposes
-
527

Adjustments to tax charge in respect of prior periods - corporation tax
-
(7,622)

Adjustments to tax charge in respect of prior periods
930
20,347

Short-term timing difference leading to an increase (decrease) in taxation
(2,567)
(15,089)

Non-taxable income
(93,637)
(86,477)

Unrelieved capital losses carried forward
-
16,791

To analyse
34,458
-

Total tax charge for the year
548,714
96,252

Page 19

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

6.


Tangible fixed assets

Group






Freehold property
Office equipment
Total

£
£
£



Cost 


At 1 April 2024
143,391
35,031
178,422


Additions
2,067
8,068
10,135



At 31 March 2025

145,458
43,099
188,557



Depreciation


At 1 April 2024
31,171
32,034
63,205


Charge for the year
197
3,986
4,183



At 31 March 2025

31,368
36,020
67,388



Net book value



At 31 March 2025
114,090
7,079
121,169



At 31 March 2024
112,220
2,997
115,217


7.


Fixed asset investments

Group





Listed investments
Investment in joint ventures
Total

£
£
£



Cost


At 1 April 2024
118,077
3,113,553
3,231,630


Disposals
(24,580)
-
(24,580)


Dividends received
-
(350,000)
(350,000)


Share of profit
-
250,761
250,761



At 31 March 2025
93,497
3,014,314
3,107,811




Page 20

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025
Company





Investments in subsidiary companies

£



Cost


At 1 April 2024
10,007,175



At 31 March 2025
10,007,175





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Willan UK Limited
Activities of head office
Ordinary
100%
Willan Investment Limited
Letting of unfurnished domestic and commercial property
Ordinary
100%
Willan Developments Limited
Letting of commercial property
Ordinary
100%
Chaincourt Limited
Dormant
Ordinary
100%
Pinxton Properties Limited - Joint Venture
Letting of commercial property
Ordinary
50%
Regeneration 2 Limited - Joint Venture
Property development
Ordinary
50%
Dependable Packs Limited
Dormant
Ordinary
100%
Willan Commercial Limited
Dormant
Ordinary
100%
Willan Construction Limited
Dormant
Ordinary
100%
Willan Homes Limited
Dormant
Ordinary
100%
Willan Brothers (Sale) Limited
Dormant
Ordinary
100%
Regeneration One Limited
Dormant
Ordinary
100%

Page 21

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

8.


Investment property

Group


Freehold investment property

£



Valuation


At 1 April 2024
33,222,119


Surplus on revaluation
1,542,615



At 31 March 2025
34,764,734

Investment properties are held on the balance sheet at their open market value. Of the opening valuation as at 1 April 2024 of £33,222,119, £9,255,000 was professionally valued by Jones Lang LaSalle Limited, Chartered Surveyors, and £23,967,119 was reviewed by the directors of the company.
Of the closing valuation as at 31 March 2025 of £34,764,734, £14,943,975 was professionally valued by Jones Lang LaSalle Limited, Chartered Surveyors, and £19,820,759 was reviewed by the directors of the Company and deemed to be an accurate indication of value as at 31 March 2025.
The historical cost of this property is £20,736,978  (2024: £20,736,978).







9.


Debtors

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£


Trade debtors
382,335
609,422
-
-

Amounts owed by group undertakings
-
-
1,025,139
1,025,139

Other debtors
9,651
43,379
-
-

Prepayments
63,885
92,348
-
-

455,871
745,149
1,025,139
1,025,139


There was a policy change during the year to no longer apply interest on intercompany loans.

Page 22

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

10.


Cash

Group
Group
2025
2024
£
£

Cash at bank and in hand
2,030,892
1,314,731



11.


Creditors: Amounts falling due within one year

Group
Group
2025
2024
£
£

Other loans (see note 12)
-
60,000

Refundable tenant deposits
363,577
354,427

Trade creditors
26,854
65,848

Corporation tax
156,818
135,709

Other taxation and social security
113,362
99,852

Other creditors
475,322
355,234

Accruals and deferred income
1,487,714
1,328,329

2,623,647
2,399,399



12.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2025
2024
2025
2024
£
£
£
£

Other loans
-
525,000
-
-

Share capital treated as debt
1,154,300
1,154,300
1,154,300
1,154,300

1,154,300
1,679,300
1,154,300
1,154,300


The other loan was provided by a related party at a fixed rate of 6.75% and was repaid in full January 2025.

Page 23

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

13.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2025
2024
£
£

Amounts falling due within one year

Other loans
-
60,000

Amounts falling due 1-2 years

Other loans
-
60,000

Amounts falling due 2-5 years

Other loans
-
180,000

Amounts falling due after more than 5 years

Other loans
-
285,000

-
585,000



14.


Deferred taxation


Group



2025


£






At beginning of year
(2,625,155)


Charged to profit or loss
(386,584)



At end of year
(3,011,739)

Company


2025






At end of year
-
Group
Group
2025
2024
£
£

Accelerated capital allowances
-
(135)

Revaluation reserve
(3,011,739)
(2,625,020)

(3,011,739)
(2,625,155)

Page 24

 
Willan Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2025

15.


Reserves

Revaluation reserve

Revaluation reserve is non-distributable reserve in relation to revaluations of investment property net of the
associated deferred tax arising.

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares repurchased and cancelled by the company. In accordance with the Companies Act 2006, an amount equivalent to the nominal value of the shares cancelled has been transferred from retained earnings to the capital redemption reserve.
As at 31 March 2025, the balance on the capital redemption reserve was £16,218 (2024: 16,218).

Merger Reserve

The merger reserve arose by way of a group reorganisation. As permitted by FRS 102, the reorganisation has been accounted for using merger accounting principles.
The difference between the nominal value of the shares issued as consideration and the nominal value of the shares acquired has been recorded in the merger reserve.
As at 31 March 2025, the balance on the merger reserve was £8,451,095 (2024: £8,451,095).

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


16.


Controlling party

The Company’s ultimate controlling party is L E Willan.

Page 25