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REGISTERED NUMBER: 09418081 (England and Wales)







GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

WEST POINT UK HOLDINGS LIMITED

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


WEST POINT UK HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: M F P Regan
E Regan





REGISTERED OFFICE: Charter House
161 Newhall Street
Birmingham
West Midlands
B3 1SW





REGISTERED NUMBER: 09418081 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors present their strategic report of the company and the group for the year ended 30 November 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business.

The performance of the business was impacted by the economic uncertainty of the sector and the majority of the clients within the speculate housing market who adopted a cautious approach to ongoing production in line with significant reduction in sales.

We consider that in spite of the above our key financial performance indicators are those that communicate the financial performance and strength of the business as a whole, these being turnover and operating margin. In the current financial year the turnover was £89.4m (2023: £75.4m) and gross margin of 14.05% (2023: 13.59%). Net assets of the group have increased in the period by £1.33m.

Plant and vehicle additions in the period total £9.2m which was a requirement of the group to sustain current performance levels.

We are still focused on cost control, improved production levels and more sophisticated accountancy software and modelling, and are confident that this focus during our continued growth will be evident in improved performance.In line with the re-structure within our business and the movement into active affordable and presold sector of the housing market.

PRINCIPAL RISKS AND UNCERTAINTIES
We continue to monitor the principal risks and uncertainties to which the business and the wider industry are subject which are listed as follows:
- Unforeseen events or circumstances while carrying out work which may cause losses.
- Risk of bad debts.
- Slow down or recession in the local or national economy and general cut back in government funding which may lead to a significant reduction in the company's income.
- Any dramatic rise in interest rates.
- Chain supply issues affecting deliveries and significant product price increases occurring in the financial year.
- Monitor impact of fuel price increase proposed by government effective from April 2022, to remove the entitlement to discounted red diesel and rebated biofuels monitor on site based costs as well as general transportation costs increase, which are still impacting the industry as a whole.

We are confident however that developing existing relationships along with more client diversity in delivery of social and affordable housing will produce more of the growth opportunities the business requires and hence continued financial performance of the group. Our tendering opportunities remain at levels above previous years.


WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

SECTION 172(1) STATEMENT
The directors have acted in a way they consider, in good faith, promotes the success of the group for the benefit of it's members, and in doing so have given regard to:

Consequence of any decisions in the long term

The directors understand the business and the evolving market it operates in. The focus in making decisions is to strengthen the group's standing in the market, whilst maximising returns and providing positive outcomes.

As part of our long-term strategy the business is investing in individuals and new technology to improve quality and efficiency moving forward. Our investment in intelligent machine control and innovation is part of this work which will develop our core management team whilst meeting our commitment to reduce the company's carbon footprint.

Business relationships with suppliers, customers and others

The directors understand the need to build strong and mutually beneficial relationships with its suppliers, customers and others to ensure the future success of the business. The company's policy is to agree payment terms in advance in line with normal trade practices and apply fair and reasonable principles within those relationships. Part of those principles is a commitment to providing our customers with quality assured products, efficiently delivered and developing a relationship of trust and transparency on a one to one basis with customers and suppliers.

Our employees

The company recognises that employees are fundamental and core to our business and delivery of our wider long-term plans. To ensure the continued success of the business we ensure we remain a responsible employer in terms of pay, benefits, continued training, health & safety and the workplace environment. We align ourselves on the continued development of our employees and strive to promote from within the business, providing support via our career pathways to support individuals as they progress and develop their careers.

Acting fairly to all stakeholders

The long-term success of the business is dependant on having the right corporate culture and making decisions which achieve our goals but which are in the best interest of all stakeholders, including shareholders, customers, employees, suppliers and others. After weighing up all these factors, the directors consider the course of action which best enables delivery whilst taking in to consideration the impact on stakeholders.

ON BEHALF OF THE BOARD:





M F P Regan - Director


17 July 2025

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

DIVIDENDS
During the year the group paid dividends of £924,075 (2023: £481,758).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

M F P Regan
E Regan

STREAMLINED ENERGY AND CARBON REPORTING
UK Greenhouse gas emissions and energy use data for the period 1 October 2023 to 30 November 2024 with comparatives:

2024 2023

Energy consumption breakdown (kWh):
Electricity 88,540 103,450
Transport Fuel 6,034,647 5,635,086
Total 6,118,187 5,738,536

Scope 1 - Emissions in metric tonnes CO2e
Owned Transport 1,165 1,088

Scope 2 - Emissions in metric tonnes CO2e
Electricity 20 19

Scope 3 - Emissions in metric tonnes CO2e
Business travel in hired vehicles 93 87

Total gross emissions in metric tonnes CO2e 1,278 1,194

Intensity ratio
Average employee numbers 52 54
Site operative with access to a vehicle 480 450
Intensity ratio Tonnes CO2e per average employee & site
operative with access to a vehicle


2.40


2.36


Quantification and reporting method
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2021 UK Government's Conversion Factors for company reporting.

Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per average employee and site operative with access to a vehicle.


WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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), 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M F P Regan - Director


17 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WEST POINT UK HOLDINGS LIMITED


Opinion
We have audited the financial statements of West Point UK Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 November 2024 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 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 group's and 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 directors are responsible for the other information. The other information comprises the information in the Group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WEST POINT UK HOLDINGS LIMITED


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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WEST POINT UK HOLDINGS LIMITED


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Report of the Auditors.

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.




Jeremy Kitson BA FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

17 July 2025

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

Period
1.10.22
Year ended to
30.11.24 30.11.23
Notes £    £   

TURNOVER 89,463,807 75,426,748

Cost of sales 76,890,128 65,178,224
GROSS PROFIT 12,573,679 10,248,524

Administrative expenses 9,331,361 8,548,003
OPERATING PROFIT 4 3,242,318 1,700,521

Interest receivable and similar income 26,435 1,515
3,268,753 1,702,036

Interest payable and similar expenses 5 544,255 332,040
PROFIT BEFORE TAXATION 2,724,498 1,369,996

Tax on profit 6 499,558 218,963
PROFIT FOR THE FINANCIAL YEAR 2,224,940 1,151,033

OTHER COMPREHENSIVE INCOME
Exercised share options (318,519 ) -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(318,519

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,906,421

1,151,033

Profit attributable to:
Owners of the parent 2,224,940 1,151,033

Total comprehensive income attributable to:
Owners of the parent 1,906,421 1,151,033

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

CONSOLIDATED BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 38,273 191,349
Tangible assets 10 18,363,560 13,482,728
Investments 11 - -
18,401,833 13,674,077

CURRENT ASSETS
Stocks 12 1,118,561 1,187,400
Debtors 13 21,153,408 14,706,384
Investments 14 15,000 15,000
Cash at bank and in hand 6,719,696 5,129,591
29,006,665 21,038,375
CREDITORS
Amounts falling due within one year 15 23,517,034 14,044,004
NET CURRENT ASSETS 5,489,631 6,994,371
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,891,464

20,668,448

CREDITORS
Amounts falling due after more than one
year

16

(3,921,208

)

(2,923,642

)

PROVISIONS FOR LIABILITIES 21 (2,035,299 ) (1,583,382 )
NET ASSETS 17,934,957 16,161,424

CAPITAL AND RESERVES
Called up share capital 22 112 228,100
Share premium 23 1,019,500 325
Revaluation reserve 23 242,410 192,962
Share option reserve 23 - 367,967
Retained earnings 23 16,672,935 15,372,070
17,934,957 16,161,424

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2025 and were signed on its behalf by:





M F P Regan - Director


WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

COMPANY BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 6,300,099 6,668,066
6,300,099 6,668,066

CURRENT ASSETS
Debtors 13 4,843,910 4,077,118
Cash at bank 5,566 6,803
4,849,476 4,083,921
CREDITORS
Amounts falling due within one year 15 1,362,569 11,000
NET CURRENT ASSETS 3,486,907 4,072,921
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,787,006

10,740,987

CAPITAL AND RESERVES
Called up share capital 22 112 228,100
Share premium 23 1,019,500 325
Share option reserve 23 - 367,967
Retained earnings 23 8,767,394 10,144,595
9,787,006 10,740,987

Company's (loss)/profit for the financial
year

(453,126

)

286,501

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2025 and were signed on its behalf by:





M F P Regan - Director


WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 October 2022 228,100 14,702,795 325

Changes in equity
Dividends - (481,758 ) -
Total comprehensive income - 1,151,033 -
Balance at 30 November 2023 228,100 15,372,070 325

Changes in equity
Issue of share capital (227,988 ) - 1,019,175
Dividends - (924,075 ) -
Total comprehensive income - 2,224,940 -
Balance at 30 November 2024 112 16,672,935 1,019,500
Share
Revaluation option Total
reserve reserve equity
£    £    £   
Balance at 1 October 2022 192,962 367,967 15,492,149

Changes in equity
Dividends - - (481,758 )
Total comprehensive income - - 1,151,033
Balance at 30 November 2023 192,962 367,967 16,161,424

Changes in equity
Issue of share capital - - 791,187
Dividends - - (924,075 )
Total comprehensive income 49,448 (367,967 ) 1,906,421
Balance at 30 November 2024 242,410 - 17,934,957

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up Share
share Retained Share option Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 228,100 10,339,852 325 367,967 10,936,244

Changes in equity
Dividends - (481,758 ) - - (481,758 )
Total comprehensive income - 286,501 - - 286,501
Balance at 30 November 2023 228,100 10,144,595 325 367,967 10,740,987

Changes in equity
Issue of share capital (227,988 ) - 1,019,175 - 791,187
Dividends - (924,075 ) - - (924,075 )
Total comprehensive income - (453,126 ) - (367,967 ) (821,093 )
Balance at 30 November 2024 112 8,767,394 1,019,500 - 9,787,006

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Period
1.10.22
Year ended to
30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,554,374 5,738,839
Interest paid (67,891 ) (19,358 )
Interest element of hire purchase
payments paid

(476,364

)

(312,682

)
Tax paid 267,191 (221,037 )
Net cash from operating activities 3,277,310 5,185,762

Cash flows from investing activities
Purchase of tangible fixed assets (9,172,424 ) (909,205 )
Sale of tangible fixed assets 1,283,275 2,460,188
Interest received 26,435 1,515
Net cash from investing activities (7,862,714 ) 1,552,498

Cash flows from financing activities
New loans in year 10,083,572 -
Loan repayments in year - (600,000 )
Capital repayments in year (3,786,862 ) (4,913,164 )
Amount withdrawn by directors - (406,910 )
Share option exercise 336,907 -
Equity dividends paid (458,108 ) (481,758 )
Net cash from financing activities 6,175,509 (6,401,832 )

Increase in cash and cash equivalents 1,590,105 336,428
Cash and cash equivalents at
beginning of year

2

5,129,591

4,793,163

Cash and cash equivalents at end of
year

2

6,719,696

5,129,591

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Profit before taxation 2,724,498 1,369,996
Depreciation charges 3,122,903 2,947,617
Profit on disposal of fixed assets (26,466 ) (232,637 )
Amortisation 153,076 178,589
Finance costs 544,255 332,040
Finance income (26,435 ) (1,515 )
6,491,831 4,594,090
Decrease in stocks 68,839 498,265
(Increase)/decrease in trade and other debtors (7,180,181 ) 2,160,473
Increase/(decrease) in trade and other creditors 4,173,885 (1,513,989 )
Cash generated from operations 3,554,374 5,738,839

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 6,719,696 5,129,591
Period ended 30 November 2023
30.11.23 1.10.22
£    £   
Cash and cash equivalents 5,129,591 4,793,163


WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank and in hand 5,129,591 1,590,105 6,719,696
5,129,591 1,590,105 6,719,696

Liquid resources
Current asset investments 15,000 - 15,000
15,000 - 15,000
Debt
Finance leases (6,592,203 ) (1,830,715 ) (8,422,918 )
Debts falling due within 1 year - (4,465,995 ) (4,465,995 )
(6,592,203 ) (6,296,710 ) (12,888,913 )
Total (1,447,612 ) (4,706,605 ) (6,154,217 )

4. MAJOR NON-CASH TRANSACTIONS

New hire purchase arrangements were entered into in the year in respect of assets with a capital value at the inception of the leases of £5,647,612 (2023: £5,003,479).

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

West Point UK Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland", issued by the Financial Reporting Council and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified by the revaluation of certain assets and to include certain items at fair value, where required by FRS 102.

West Point UK Holdings Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken exemption of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cashflow statement and remuneration of key personnel.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All inter-group transactions, balances, income and expenses are eliminated on consolidation.

Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account. Its profit or loss for the period is shown on page 13 of the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
When preparing the financial statements, management is required to make estimates which affect income, expenses, 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 key assumptions concerning the future and other key sources of estimation uncertainty at the Statement of Financial Position date that have a significant risk of causing a material adjustment are as follows:

(a) Turnover and profit recognition
The estimation techniques used for revenue and profit recognition in respect of contracts require forecasts to be made of the outcome of long term contracts which require assessments and judgements to be made on the recovery of pre contract costs, changes in the scope of work, contract programmes, maintenance and defects liabilities and changes in costs.

(b) Recoverable value of recognised receivables
The recoverability of trade and other receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable.

(c) Provisions
Provisions against projects are liabilities of uncertain timing or amount and therefore in making a reliable estimate judgement is applied and re evaluated at each reporting date.

Turnover
Turnover represents invoiced work, excluding value added tax, on construction projects. Revenue is recognised throughout each construction project on the basis of valuations made by surveyors.

This included retentions on completed work. Retentions not received are included in trade debtors. Those retentions which are judged irrecoverable are provided against or written off as bad debts.

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is ten years. Provision is made for any impairment.

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance and 15% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amounts of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original costs is transferred from revaluation reserve to retained earnings.

Freehold land and buildings relates predominantly to land held by the group which is considered to have an unlimited economic life. The related depreciation in respect of the buildings is not considered material to the financial statements and therefore not provided for.

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 includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Cash and cash equivalents

Cash and cash equivalents are basic financial instruments 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.

(ii) Financial assets and liabilities

All financial assets and liabilities are recognised when the group becomes party to the contractual provisions of the instrument.

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 group after deducting all its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset at the balance sheet date when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. Other debt instruments not meeting these conditions are measure at fair value through profit and loss.

Commitments to make or receive loans which meet the conditions mentioned above are measure at cost less impairment.

Financial asset are derecognised when and only when the contractual rights to the cash flows for the financial asset expire or are settled, when the company transfers to another party substantially all the risks and rewards of ownership of the financial asset, or the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(iii) Investments

In the balance sheet, investments in subsidiaries are measured at cost less impairment.

(iv) Equity instruments

Equity instruments issued by the group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

(v) Fair value measurement


WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued
The best evidence of fair value is a quoted price for an identical asset on an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant changes in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated using a valuation technique.

Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Long-term benefits are measured at the present value of the benefit obligation at the reporting date.

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Share-based payments
The company issues equity-settled share options to certain employees within the group. Equity-settled share-based payment transactions are measured at fair value.

Changes in fair value, consisting of share options issued in the year are treated as consideration for employment services and is recognised as an expense in the year. On the exercise of the options, their value is transferred to profit and loss.

Fair value is measured by use of an earnings valuation model which is considered by management to be the most appropriate method of valuation.

The total value of options in issue but not exercised are contained within the share options reserve. Where options have been granted but not vested, the Directors have estimated how many they believe will ultimately vest and they have adopted this estimation in their value calculation.

3. EMPLOYEES AND DIRECTORS
Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Wages and salaries 3,478,594 3,201,479
Social security costs 354,226 385,259
Other pension costs 129,004 224,388
3,961,824 3,811,126

The average number of employees during the year was as follows:
Period
1.10.22
Year ended to
30.11.24 30.11.23

Directors 2 2
Management and office 37 37
Site 12 11
51 50

Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Directors' remuneration 260,958 35,020
Directors' pension contributions to money purchase schemes 62,280 93,324

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 30 November 2024 is as follows:


Year ended
30.11.24
£   
Emoluments etc 21,061
Pension contributions to money purchase schemes 19,998

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Plant hire and repairs 7,463,103 7,153,133
Depreciation - owned assets 883,810 610,285
Depreciation - assets on hire purchase contracts 2,239,093 2,337,658
Profit on disposal of fixed assets (26,466 ) (232,637 )
Goodwill amortisation 153,076 178,589
Auditors' remuneration 27,397 35,302

Included in auditors' fees are fees relating to the company of £9,550 (2023: £13,000).

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Bank loan interest (2,801 ) 19,358
Other interest 70,692 -
Hire purchase 476,364 312,682
544,255 332,040

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Deferred tax:
Deferred tax on accelerated
capital allowances 413,245 218,963
Deferred tax on share options 86,313 -
Total deferred tax 499,558 218,963
Tax on profit 499,558 218,963

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.10.22
Year ended to
30.11.24 30.11.23
£    £   
Profit before tax 2,724,498 1,369,996
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

681,125

342,499

Effects of:
Expenses not deductible for tax purposes (110,430 ) 15,354
Capital allowances in excess of depreciation (1,333,763 ) (854,454 )
Utilisation of tax losses 724,800 683,746
Goodwill amortisation on consolidation 38,269 44,647
Group relief - (231,792 )
Deferred tax 499,557 218,963
Total tax charge 499,558 218,963

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Exercised share options (318,519 ) - (318,519 )

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS

2024 2023
£ £
Interim A Ordinary £0.01 shares 216,450 211,000
Interim B Ordinary £0.01 shares 216,450 73,000
Interim C Ordinary £0.01 shares 332,060 163,929
Interim D Ordinary £0.01 shares 159,055 33,829
924,074 481,758

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 1,530,764
AMORTISATION
At 1 December 2023 1,339,415
Amortisation for year 153,076
At 30 November 2024 1,492,491
NET BOOK VALUE
At 30 November 2024 38,273
At 30 November 2023 191,349

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2023 861,880 15,634,271 150,052 3,499,361 20,145,564
Additions - 7,085,673 37,576 2,049,175 9,172,424
Disposals - (2,128,757 ) - (472,018 ) (2,600,775 )
Revaluations 88,120 - - - 88,120
At 30 November 2024 950,000 20,591,187 187,628 5,076,518 26,805,333
DEPRECIATION
At 1 December 2023 - 5,256,242 76,161 1,330,433 6,662,836
Charge for year - 2,322,943 15,544 784,416 3,122,903
Eliminated on disposal - (1,077,962 ) - (266,004 ) (1,343,966 )
At 30 November 2024 - 6,501,223 91,705 1,848,845 8,441,773
NET BOOK VALUE
At 30 November 2024 950,000 14,089,964 95,923 3,227,673 18,363,560
At 30 November 2023 861,880 10,378,029 73,891 2,168,928 13,482,728

Included in cost or valuation of land and buildings is freehold land of £569,096 (2023 - £569,096) which is not depreciated.

Cost or valuation at 30 November 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2016 278,934 20,591,187 187,628 5,076,518 26,134,267
Valuation in 2021 50,000 - - - 50,000
Valuation in 2024 88,120 - - - 88,120
Cost 532,946 - - - 532,946
950,000 20,591,187 187,628 5,076,518 26,805,333

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 532,946 532,946

The directors did not consider there to have been a material increase in the value of land or freehold buildings during the year.

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 December 2023 10,999,687 1,556,996 12,556,683
Additions 5,625,756 1,186,596 6,812,352
Disposals (1,442,750 ) (51,661 ) (1,494,411 )
Transfer to ownership (1,946,227 ) (500,056 ) (2,446,283 )
At 30 November 2024 13,236,466 2,191,875 15,428,341
DEPRECIATION
At 1 December 2023 2,261,151 428,148 2,689,299
Charge for year 1,817,402 421,691 2,239,093
Eliminated on disposal (518,776 ) (22,481 ) (541,257 )
Transfer to ownership (830,924 ) (301,909 ) (1,132,833 )
At 30 November 2024 2,728,853 525,449 3,254,302
NET BOOK VALUE
At 30 November 2024 10,507,613 1,666,426 12,174,039
At 30 November 2023 8,738,536 1,128,848 9,867,384

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2023 6,668,066
Disposals (367,967 )
At 30 November 2024 6,300,099
NET BOOK VALUE
At 30 November 2024 6,300,099
At 30 November 2023 6,668,066

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

West Point Plant Limited
Registered office: England & Wales
Nature of business: Plant and equipment hire
%
Class of shares: holding
A Ordinary Shares of £0.01 100.00
B Ordinary Shares of £0.01 100.00

West Point Construction Limited
Registered office: England & Wales
Nature of business: Building contractors
%
Class of shares: holding
Ordinary shares of £1.00 100.00


12. STOCKS

Group
2024 2023
£    £   
Raw materials 1,118,561 1,187,400

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,711,836 2,373,462 - -
Amounts owed by group undertakings - - 561,799 3,892,506
Amounts recoverable on contract 12,823,999 9,561,158 - -
Other debtors 4,303,647 759,618 4,282,111 184,612
Tax 443,761 710,952 - -
VAT 720,678 794,245 - -
Prepayments 149,487 506,949 - -
21,153,408 14,706,384 4,843,910 4,077,118

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


14. CURRENT ASSET INVESTMENTS

Group
2024 2023
£    £   
Listed investments 15,000 15,000

Market value of listed investments held by the group at 30 November 2024 - £9,126 (2023 - £7,477).

Listed investments represent investments in non-puttable ordinary shares. The fair values have been determined with reference to the quoted share price at the reporting date, however no adjustment has been made in the financial statements on the grounds of materiality. The cost of shares on acquisition are stated above.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans (see note 17) 4,465,995 - - -
Hire purchase contracts (see note 18) 4,501,710 3,668,561 - -
Trade creditors 13,320,216 9,386,190 - -
Amounts owed to group undertakings - - 885,603 -
Social security and other taxes 175,698 138,429 - -
Other creditors 469,046 10,196 465,966 -
Accrued expenses 584,369 840,628 11,000 11,000
23,517,034 14,044,004 1,362,569 11,000

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 18) 3,921,208 2,923,642

17. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 4,465,995 -

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 4,501,710 3,668,561
Between one and five years 3,921,208 2,923,642
8,422,918 6,592,203

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 8,796 11,888

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 8,422,918 6,592,203

Bank borrowings are secured by a fixed and floating charge over the assets of the group. An unlimited cross guarantee also exists between the bank and West Point Construction Limited and West Point Plant Limited, both members of the group.

Obligations under hire purchase contracts are secured on the assets to which they relate.

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


20. FINANCIAL INSTRUMENTS

The carrying values of the group's financial assets and liabilities are summarised by category below:

2024 2023
£    £   

Financial assets
Measured at fair value through profit and loss 15,000 15,000
Measured at undiscounted amounts receivable 27,137,566 19,328,431
27,152,566 19,343,431
Financial liabilities
Measured at amortised cost 12,888,913 6,592,203
Measured at undiscounted amounts payable 14,083,363 10,375,444
26,972,276 16,967,647

The group's income, expenses and gains and losses in respect of financial instruments are included in Note 5 of the financial statements.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
On accelerated capital
allowances 1,940,627 1,527,382
On revaluation surplus 74,679 36,007
On fair value adjustment on
consolidation 19,993 19,993
2,035,299 1,583,382

Group
Deferred
tax
£   
Balance at 1 December 2023 1,583,382
Charge to Statement of Comprehensive Income during year 413,245
Revaluation surplus 38,672
Balance at 30 November 2024 2,035,299

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


22. CALLED UP SHARE CAPITAL

Allotted, issued and fully
paid:

Number: Class: Nominal 2024 2023
value: £ £
8,000 A Ordinary £0.01 80 80
2,000 B Ordinary £0.01 20 20
228,000 Non-Redeemable Preference £1.00 - 228,000
555 C Ordinary £0.01 6 -
555 D Ordinary £0.01 6 -
112 228,100

A and B Ordinary Shares are entitled to one vote, are non redeemable and entitled to dividends.

C & D Ordinary Shares have no voting rights, are non redeemable and entitled to dividends.

Preference Shares have no voting rights, are non redeemable and on a return of capital on liquidation or otherwise entitled to receive par value per share in priority to the Ordinary Shares.

23. RESERVES

Group
Share
Retained Share Revaluation option
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 December 2023 15,372,070 325 192,962 367,967 15,933,324
Profit for the year 2,224,940 - - - 2,224,940
Dividends (924,075 ) - - - (924,075 )
Purchase of own shares - 1,019,175 - - 1,019,175
Movement in fair value of
share options - - - (367,967 ) (367,967 )
Revaluation in the year - - 49,448 - 49,448
At 30 November 2024 16,672,935 1,019,500 242,410 - 17,934,845

Company
Share
Retained Share option
earnings premium reserve Totals
£    £    £    £   

At 1 December 2023 10,144,595 325 367,967 10,512,887
Deficit for the year (453,126 ) - - (453,126 )
Dividends (924,075 ) - - (924,075 )
Purchase of own shares - 1,019,175 - 1,019,175
Movement in fair value of
share options - - (367,967 ) (367,967 )
At 30 November 2024 8,767,394 1,019,500 - 9,786,894

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


23. RESERVES - continued

The group and company's reserves are as follows:

The retained earnings reserve which represents the cumulative profits or losses net of dividends paid.

The revaluation reserve is in respect of gains and losses arising on the revaluation of freehold land and buildings, less deferred tax thereon. At the year end the reserve included a deferred tax charge of £38,672 (2023: £36,007).

The share option reserve and capital contribution reserve previously represented the fair value of share options vested in the group scheme less provision for deferred tax on the eventual exercise of the options. However, in the year all these share options have been exercised.

The balance at the year end consists of:

2024 2023
£ £
Fair value of share options vested - 454,281
Deferred tax - (86,314 )
- 367,967

24. RELATED PARTY DISCLOSURES

Point 2 Point Haulage Contractors Limited is a company registered in England and Wales in which M F P Regan, a director, has a substantial interest.

During the year the group recharged expenses of £64,796 (2023: £140,028) to Point 2 Point Haulage Contractors Limited and received supplies to the value of £3,101,719 (2023: £2,920,164) from Point 2 Point Haulage Contractors Limited. All transactions were conducted on an arms length basis, and entered into under normal business terms.

The amount owed to Point 2 Point Haulage Contractors Limited by the group at the year end was £508,946 (2023: £281,883).

During the year the group paid remuneration of £262,561 (2023: £416,694) to staff the directors considered to be key management personnel.

25. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party of the company.

WEST POINT UK HOLDINGS LIMITED (REGISTERED NUMBER: 09418081)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


26. SHARE-BASED PAYMENT TRANSACTIONS

The company operates a share option scheme for certain employees of the group.

Under this scheme C & D Ordinary share options are exercisable for £0.01 per share. The options enable 1 ordinary £0.01 share to be issued for every option exercised. There are no specific vesting conditions for this scheme.

The options are vested at the discretion of the Board. Any options lapse at the earlier of 10 years from the date of grant, when the holder ceases to be an eligible employee or when the company is sold.

Where a recipient leaves employment with the group prior to exercising their options, the group will repurchase any shares acquired through the exercise of these options, based on conditions in existence at the time.

2024
C Ordinary D Ordinary


No. of
share
options

WAP
(£)
No. of
share
options

WAP
(£)



Outstanding at beginning of year 554 495 554 325

Granted during the year - - - -
Forfeited during the year - - - -
Exercised during the year (554 ) (495 ) (554 ) (325 )
Outstanding and exercisable at the end of the year - - - -

2023
C Ordinary D Ordinary


No. of
share
options

WAP
(£)
No. of
share
options

WAP
(£)



Outstanding at beginning of period 554 495 554 325

Granted during the year - - - -
Forfeited during the year - - - -
Exercised during the year - - - -
Outstanding and exercisable at the end of the period 554 495 554 325

The fair value of the share options were calculated using an earnings model which is considered to be the most appropriate valuation method of measuring fair value.