| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| 161 Newhall Street |
| Birmingham |
| B3 1SW |
| 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 |
| 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 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Share premium | 23 |
| Share option reserve | 23 |
| Retained earnings | 23 |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Issue of share capital | ( |
) | - | - |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | ( |
) | - | ( |
) | ( |
) |
| Balance at 30 November 2024 |
| 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 |
| 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| 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 |
| Disposals | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 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 |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 | - | - |
| Amounts recoverable on contract | 12,823,999 | 9,561,158 |
| Other debtors | 4,303,647 | 759,618 |
| Tax | 443,761 | 710,952 |
| VAT | 720,678 | 794,245 |
| Prepayments | 149,487 | 506,949 |
| 21,153,408 | 14,706,384 |
| 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 | - | - |
| Social security and other taxes | 175,698 | 138,429 |
| Other creditors | 469,046 | 10,196 |
| Accrued expenses | 584,369 | 840,628 |
| 23,517,034 | 14,044,004 |
| 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 | 10,512,887 |
| Deficit for the year | ( |
) | - | - | ( |
) |
| Dividends | ( |
) | - | - | ( |
) |
| 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 | 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. |