Company Registration No. 11324003 (England and Wales)
WEC GROUP HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WEC GROUP HOLDINGS LTD
COMPANY INFORMATION
Directors
J S Hartley
S A Hussey
R W Colburn
Company number
11324003
Registered office
Britannia House
Junction Street
Darwen
Lancashire
BB3 2RB
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WEC GROUP HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
WEC GROUP HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Business Review

The Group has had another reasonable year, increasing both turnover and operating profit. There is a great deal of optimism about further future growth opportunities, and future success will continue to be grounded in upholding ongoing exceptional levels of customer service, product quality and value for money offerings in the market.

 

Total headcount at year end was 880

 

The directors consider the business to be well placed for the future.

 

 

Principal risks and uncertainties

The principal risks to the business include the following:

 

  1. Operating in a very competitive marketplace. The Group has consistently demonstrated its ability to mitigate this risk through provision of high-quality products at competitive prices with strong values in customer care and reliable delivery performance.

  2. Changes in technology. The Group mitigates this risk by continued re-investment in the latest available state of the art production equipment, allowing control of operating costs and highest levels of efficiency to maintain its position as market leader.

  3. Economic Uncertainty. There will always be some uncertainties around general economic conditions and how those may affect the business environment.

  4. Excessive and intrusive government legislation. A company’s ability to remain competitive in a global supply chain can be negatively affected by unnecessary legislation and “red-tape”.

 

 

Financial and other performance indicators

During the year, various indicators were used to monitor and compare the Group’s performance. The following are regarded as the key financial indicators of performance, all of which can be observed in the attached financial statements. The Group uses other performance indicators in its day to day operations but the directors consider these commercially sensitive and they are therefore not specifically disclosed.

 

-    Turnover £127.8m (2023: £124.5 million)

-    Gross Margin 29.0% (2023: 26.8%)

-    Operating Profit £9.14 million (2023: £7.57 million)

 

WEC GROUP HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Stakeholder Engagement

The directors have a responsibility under S172 of the Companies Act 2006 to act in a way that promotes the Group’s success for the benefit of the members as a whole, and to have regard to the long-term effects of decisions on the Group and stakeholders. The following statement outlines the way in which these responsibilities are handled:

 

The Group is privately held and provides employment, training and financial reward to the owners and employees, including profit sharing arrangements.

 

Strategic decisions are based on medium and long-term objectives. In particular, the policy of continued investment in latest state of the art production technologies ensures high quality and efficiency of output and provides an ongoing competitive edge in the market.

 

Key stakeholders, and the ways in which we engage with them, are as follows:

 

Employees

 

We rely on a skilled and highly motivated workforce and recruitment & retention of staff is critical to the business. We help engagement with our team by:

 

Appropriate remuneration and reward for outstanding performance through profit sharing arrangements;

    Providing industry leading training, coupled with career development opportunities.

 

Customers and suppliers

 

We invest heavily in the latest technology throughout our business so that we can continue to offer quality products at short lead times. Our customers value our high degree of expertise, reliability and value for money offerings. We have built a reputation for fair dealings with both customers and suppliers alike.

 

On behalf of the board

J S Hartley
Director
16 July 2025
WEC GROUP HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group is that of specialist engineering services. The principal activity of the company is to act as a holding company.

 

The ultimate shareholder has requested that the directors include the following statement in the Directors report - the ultimate parent company is privately held, as is the group, and the shareholders believe that the requirement to publish the accounts of privately held companies is a violation both of the sprit and law under UK right to privacy legislation.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £10,000,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J S Hartley
S A Hussey
R W Colburn
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

The group has a discretionary profit sharing scheme, which is designed to encourage the maximum employee involvement in successful group financial performance

Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

During the year, the large companies within the group consumed 9.0 kWh (2023 - 8.4m kWh) of energy.

 

The volume of CO2 equivalent produced through direct emissions by gas combustion was 652 tonnes (2023 - 659 tonnes) and fuel consumed by own transport was 249 tonnes (2023 - 250 tonnes).

 

The volume of CO2 equivalent produced through indirect emissions by the purchase of electricity was 1,134 tonnes (2023 - 993 tonnes) and fuel consumed for transport not owned by the group was 22 tonnes (2023 - 13 tonnes)

WEC GROUP HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

Energy consumption is measured through extensive metering systems in all locations and captured in real time. Emissions in tonnes of CO2 are calculated using industry standard conversion factors applied to the real time consumption data.

 

The group uses an intensity ratio of tonnes of CO2e per employee in the large companies within the group. During the period this ratio was 3.09 tonnes per employee (2023 - 3.10).

 

The group is undertaking a wide variety of energy efficiency improvement initiatives including investing in the latest production equipment and technologies, which significantly cuts like for like consumption, installation of LED lighting and solar panels.

 

The group is focused on energy and cost reduction throughout, and ultimately on cutting emissions by default. A relatively volatile product mix in operations makes meaningful ratio analysis difficult in the current climate but we will consider opportunities to develop statistics going forward which will meaningfully demonstrate our progress in relation to these goals.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J S Hartley
Director
16 July 2025
WEC GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WEC GROUP HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of WEC Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

WEC GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WEC GROUP HOLDINGS LTD
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

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

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

WEC GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WEC GROUP HOLDINGS LTD
- 7 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income; posting of unusual journals and complex transactions; and manipulating the group's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

WEC GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF WEC GROUP HOLDINGS LTD
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent company’s member, 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s member as a body, for our audit work, for this report, or for the opinions we have formed.

Ceri Dixon BSc (Hons) ACA
For and on behalf of PM+M Solutions for Business LLP
18 July 2025
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WEC GROUP HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
127,806,294
124,511,302
Cost of sales
(90,692,973)
(91,084,183)
Gross profit
37,113,321
33,427,119
Distribution costs
(6,006,133)
(5,666,121)
Administrative expenses
(22,007,735)
(20,372,186)
Other operating income
36,118
187,569
Operating profit
4
9,135,571
7,576,381
Interest received and similar income
8
595,414
1,411,228
Interest paid and similar expenses
9
(454,210)
(272,862)
Profit before taxation
9,276,775
8,714,747
Tax on profit
10
(3,347,363)
(3,196,082)
Profit for the financial year
5,929,412
5,518,665
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WEC GROUP HOLDINGS LTD
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
9,175,362
13,763,043
Other intangible assets
12
588,679
149,379
Total intangible assets
9,764,041
13,912,422
Tangible assets
13
19,760,210
14,255,202
29,524,251
28,167,624
Current assets
Stocks
17
13,570,495
13,561,285
Debtors
18
31,499,396
28,303,257
Cash at bank and in hand
14,355,267
17,779,789
59,425,158
59,644,331
Creditors: amounts falling due within one year
19
(34,228,160)
(34,799,814)
Net current assets
25,196,998
24,844,517
Total assets less current liabilities
54,721,249
53,012,141
Creditors: amounts falling due after more than one year
20
(9,041,157)
(5,111,671)
Provisions for liabilities
Deferred tax liability
22
(3,477,705)
(1,627,495)
(3,477,705)
(1,627,495)
Net assets
42,202,387
46,272,975
Capital and reserves
Called up share capital
25
8,564
8,564
Other reserves
26
24,745,682
24,745,682
Profit and loss reserves
17,448,141
21,518,729
Total equity
42,202,387
46,272,975
The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
16 July 2025
J S Hartley
Director
WEC GROUP HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
63,424,696
63,170,984
Current assets
Debtors
18
6,225,000
2,950,000
Creditors: amounts falling due within one year
19
(22,301,037)
(17,772,325)
Net current liabilities
(16,076,037)
(14,822,325)
Total assets less current liabilities
47,348,659
48,348,659
Capital and reserves
Called up share capital
25
8,564
8,564
Other reserves
26
14,403,682
14,403,682
Profit and loss reserves
32,936,413
33,936,413
Total equity
47,348,659
48,348,659

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £9,000,000 (2023 - £9,000,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
16 July 2025
J S Hartley
Director
Company Registration No. 11324003
WEC GROUP HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
8,564
33,759,753
24,745,682
2,240,311
60,754,310
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
5,518,665
5,518,665
Dividends
11
-
-
-
(20,000,000)
(20,000,000)
Conversion to reserves
24
-
(33,759,753)
-
33,759,753
-
0
Balance at 31 December 2023
8,564
-
0
24,745,682
21,518,729
46,272,975
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
5,929,412
5,929,412
Dividends
11
-
-
-
(10,000,000)
(10,000,000)
Balance at 31 December 2024
8,564
-
0
24,745,682
17,448,141
42,202,387
WEC GROUP HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
8,564
33,759,753
14,403,682
11,176,660
59,348,659
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
9,000,000
9,000,000
Dividends
11
-
-
-
(20,000,000)
(20,000,000)
Conversion to reserves
24
-
(33,759,753)
-
33,759,753
-
0
Balance at 31 December 2023
8,564
-
0
14,403,682
33,936,413
48,348,659
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
9,000,000
9,000,000
Dividends
11
-
-
-
(10,000,000)
(10,000,000)
Balance at 31 December 2024
8,564
-
0
14,403,682
32,936,413
47,348,659
WEC GROUP HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
13,597,494
16,024,369
Interest paid
(454,210)
(272,862)
Income taxes paid
(2,351,193)
(3,350,728)
Net cash inflow from operating activities
10,792,091
12,400,779
Investing activities
Purchase of business net of cash acquired
(110,652)
-
Purchase of intangible assets
(419,306)
(105,149)
Purchase of tangible fixed assets
(2,521,984)
(2,885,485)
Proceeds from disposal of tangible fixed assets
526,464
149,752
Interest received
595,414
1,411,228
Net cash used in investing activities
(1,930,064)
(1,429,654)
Financing activities
Loans to parent company
(10,000,000)
-
Loan repayment from parent company
10,000,000
16,500,000
Payment of hire purchase obligations
(2,286,549)
(2,939,528)
Dividends paid to equity shareholders
(10,000,000)
(20,000,000)
Net cash used in financing activities
(12,286,549)
(6,439,528)
Net (decrease)/increase in cash and cash equivalents
(3,424,522)
4,531,597
Cash and cash equivalents at beginning of year
17,779,789
13,248,192
Cash and cash equivalents at end of year
14,355,267
17,779,789
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

WEC Group Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Britannia House, Junction Street, Darwen, Lancashire, BB3 2RB.

 

The group consists of WEC Group Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company WEC Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates, if any.

 

All financial statements are made up to 31 December 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Revenue from long term contract works is recognised by reference to stage of completion when this, cost incurred and costs to complete can be estimated reliably. Stage of completion is assessed mainly in relation to materials consumed and labour applied to the contract as a proportion of total estimated costs.

 

In the year, the group incurred non-recurring expenditure (NRE), being identified as relating to distinct contracted performance obligations during certain project setup – this includes initial training, relocation of machinery and other setup activities. Where revenue is received in relation to these NRE costs it is recognised in accordance with the principles outlined in FRS102 over the period the activities are performed, reflecting the transfer of goods to the customer. Where NRE costs are not covered by agreed revenue, and they meet the criteria for capitalisation, they are amortised over the term of the relevant contract.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is usually 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer systems
Once brought into use over 5 years straight line
Computer systems development costs
Not depreciated

Computer systems development costs relate to expenditure during creation of ongoing subsequent stages of the main computer systems project. As each phase is completed, these costs will be reclassified as computer system costs and thereafter amortised on a straight-line basis over a period of five years.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the term of the lease
Plant and equipment
10% - 33% straight line
Motor vehicles
20% - 25% straight line
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10
Stocks

Stocks are stated at the lower of either cost or estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Hire purchase and operating leases

A hire purchase arises whenever the terms of the contract transfer substantially all the risks and rewards of ownership to the group.

 

Assets held under hire purchase are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum hire purchase payments. The related liability is included in the balance sheet as a hire purchase obligation. Payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The main areas of judgement are in relation to stock including the absorption of overheads, debtor provisions and the useful economic lives of the group's fixed assets.

3
Turnover and other revenue
2024
2023
£
£
Other significant revenue
Interest income
595,414
1,411,228
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
126,287,110
122,340,818
Europe
1,334,571
1,912,067
Rest of World
184,613
258,417
127,806,294
124,511,302

All turnover arose from the principal activity of the group.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
942,255
1,702,591
Depreciation of tangible fixed assets held under hire purchase
2,922,444
2,032,874
Profit on disposal of tangible fixed assets
(357,908)
(148,283)
Amortisation of intangible assets
4,622,661
4,613,283
Operating lease charges
2,529,211
1,769,555
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,000
15,250
Audit of the financial statements of the company's subsidiaries
63,000
64,750
78,000
80,000
For other services
Taxation compliance services
7,680
9,700
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
679
690
-
-
Selling and distribution
32
27
-
-
Administration
169
160
3
3
880
877
3
3

Their aggregate remuneration comprised:

Group
2024
2023
£
£
Wages and salaries
38,407,244
35,783,319
Social security costs
3,721,900
3,379,888
Pension costs
850,108
738,233
42,979,252
39,901,440

The only employees of the company are certain directors. No remuneration costs were incurred by the company during the period. The directors were paid for their services by the individual subsidiaries.

WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
771,129
709,172
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
771,129
709,172
8
Interest received and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
186,370
20,074
Other interest received
409,044
1,391,154
Total income
595,414
1,411,228
9
Interest paid and similar expenses
2024
2023
£
£
Other finance costs:
Interest on hire purchase contracts
430,210
272,862
Other interest
24,000
-
Total finance costs
454,210
272,862
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,465,431
1,968,700
Adjustments in respect of prior periods
33,240
32,704
Total current tax
1,498,671
2,001,404
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
1,861,045
1,142,080
Changes in tax rates
-
0
67,481
Adjustment in respect of prior periods
(12,353)
(14,883)
Total deferred tax
1,848,692
1,194,678
Total tax charge
3,347,363
3,196,082

From the 1 April 2023 the effective tax rate is 25%. During the year the effective tax rate is 25% (2023: 23.5%).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
9,276,775
8,714,747
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
2,319,194
2,049,708
Tax effect of expenses that are not deductible in determining taxable profit
1,162,839
1,099,001
Adjustments in respect of prior years
33,240
32,704
Permanent capital allowances in excess of depreciation
15,689
5,691
Research and development tax credit
(9,029)
(44,118)
Deferred tax adjustments in respect of prior years
(12,353)
(14,883)
Remeasurement of deferred tax for changes in tax rates
-
0
71,578
Tax credits
-
(3,599)
Group lossess transferred
(162,217)
-
Taxation charge
3,347,363
3,196,082
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
10,000,000
20,000,000
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Intangible fixed assets
Group
Goodwill
Computer systems
Computer systems development costs
Total
£
£
£
£
Cost
At 1 January 2024
35,786,490
174,981
-
0
35,961,471
Additions
-
0
-
0
419,306
419,306
Transfers
-
0
-
0
54,974
54,974
At 31 December 2024
35,786,490
174,981
474,280
36,435,751
Amortisation and impairment
At 1 January 2024
22,023,447
25,602
-
0
22,049,049
Amortisation charged for the year
4,587,681
34,980
-
0
4,622,661
At 31 December 2024
26,611,128
60,582
-
0
26,671,710
Carrying amount
At 31 December 2024
9,175,362
114,399
474,280
9,764,041
At 31 December 2023
13,763,043
149,379
-
0
13,912,422
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Tangible fixed assets
Group
Leasehold improvements
Assets under construction
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
505,101
1,451,081
23,992,487
925,839
26,874,508
Additions
67,337
2,479,722
6,897,061
74,366
9,518,486
Business combinations
15,486
-
0
59,265
-
0
74,751
Disposals
(171,409)
-
0
(3,861,459)
(80,108)
(4,112,976)
Transfers
-
0
(1,251,860)
1,196,886
-
0
(54,974)
At 31 December 2024
416,515
2,678,943
28,284,240
920,097
32,299,795
Depreciation and impairment
At 1 January 2024
365,505
-
0
11,875,990
377,811
12,619,306
Depreciation charged in the year
46,089
-
0
3,627,637
190,973
3,864,699
Eliminated in respect of disposals
(171,409)
-
0
(3,692,903)
(80,108)
(3,944,420)
At 31 December 2024
240,185
-
0
11,810,724
488,676
12,539,585
Carrying amount
At 31 December 2024
176,330
2,678,943
16,473,516
431,421
19,760,210
At 31 December 2023
139,596
1,451,081
12,116,497
548,028
14,255,202
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
The net carrying value of tangible fixed assets includes the following in respect of assets under hire purchase agreements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
10,455,612
6,506,347
-
0
-
0
Motor vehicles
234,319
311,117
-
0
-
0
10,689,931
6,817,464
-
-
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
63,424,696
63,170,984
Fixed asset investments not carried at market value

Investments in subsidiaries are measured at cost less impairment.

WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2024
63,170,984
253,712
At 31 December 2024
63,424,696
Carrying amount
At 31 December 2024
63,424,696
At 31 December 2023
63,170,984
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024, for all of which the company directly held 100% of the Ordinary shares, are as follows:

Name of undertaking
Nature of business
5750 Components Limited
Laser cutting, fabrication and forming of metals
HTA Group Limited
Fabrication and forming of metals, laser cutting, specialist engineering services and painting
MTL Advanced Limited
Fabrication and forming of metals, laser and water jet cutting, specialist engineering services and painting
WEC Group Limited
Fabrication and forming of metals, laser cutting, powder coating and the manufacture of camera towers
WEC Machining Limited
Hi-specification machining of metals
Laser Profiles Limited
Laser cutting and profiling of steel and other materials

Registered office addresses (all UK):

The registered office of all group companies is the same as the parent company as stated in note 1.

 

The directors have confirmed Sherburn Metalwork Limited, Wecjet Limited, Laser Engineering UK Limited, Welding Engineering Limited, M-Tec Architectural Metalwork Limited and DNA Metalwork Limited are dormant, directly wholly owned subsidiaries.

 

The trade of Laser Profiles Limited was sold to WEC Group Limited on 1 August 2024.

 

 

16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
27,811,954
26,086,919
6,225,000
2,950,000
Carrying amount of financial liabilities
Measured at amortised cost
40,298,387
36,703,013
22,301,037
17,772,325
17
Stock
Group
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,545,281
5,621,505
-
0
-
0
Work in progress
10,601,026
7,426,398
-
-
Finished goods and goods for resale
424,188
513,382
-
0
-
0
13,570,495
13,561,285
-
0
-
0
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Stock
(Continued)
- 27 -

A reduction in the impairment provision of £206,564 (2023: increase of £227,321) was recognised as a credit in cost of sales during the year, reflecting adjustments for slow-moving and obsolete stock.

18
Debtors
Group
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
25,247,746
25,188,395
-
0
-
0
Corporation tax recoverable
2,190,805
1,333,567
-
0
-
0
Amounts owed by group undertakings
-
-
6,225,000
2,950,000
Other debtors
996,133
163,082
-
0
-
0
Prepayments and accrued income
3,064,712
1,618,213
-
0
-
0
31,499,396
28,303,257
6,225,000
2,950,000

The amounts owed by group undertakings are interest free with no fixed repayment terms.

 

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under hire purchase contracts
21
2,760,234
1,979,767
-
0
-
0
Trade creditors
15,647,368
16,516,909
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
22,301,037
17,772,325
Corporation tax payable
3,343
145
-
0
-
0
Other taxation and social security
2,725,553
2,771,177
-
-
Deferred income
242,034
437,150
-
0
-
0
Other creditors
2,090,696
3,461,937
-
0
-
0
Accruals and deferred income
10,758,932
9,632,729
-
0
-
0
34,228,160
34,799,814
22,301,037
17,772,325
Amounts due to  fellow group undertakings are interest free and repayable on demand.

Hire purchase contracts are secured on the assets to which they relate.

WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under hire purchase contracts
21
9,041,157
5,111,671
-
0
-
0

Hire purchase contracts are secured on the assets to which they relate.

21
Hire purchase obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under hire purchase contracts:
Within one year
3,334,900
2,250,069
-
0
-
0
In two to five years
8,749,065
5,274,765
-
0
-
0
In over five years
1,490,130
242,812
-
0
-
0
13,574,095
7,767,646
-
-
Less: future finance charges
(1,772,704)
(676,208)
-
0
-
0
11,801,391
7,091,438
-
0
-
0

Hire purchase contracts are secured on the assets to which they relate.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
3,534,737
1,679,893
Other timing differences
(57,032)
(52,398)
3,477,705
1,627,495
The company has no deferred tax assets or liabilities.
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
1,627,495
-
Charge to profit or loss
1,850,210
-
Liability at 31 December 2024
3,477,705
-

 

The increase in the deferred tax liability arises from accelerated capital allowances in the year, and this will reverse over the lives of the related assets. However, this reversal may be partially offset by additional deferred tax charges arising from further accelerated capital allowances on future asset purchases.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
850,108
738,233

Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.

At the balance sheet date, these contributions outstanding totalled £190,725 (2023 - £167,422).

24
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
-
0
33,759,753
-
0
33,759,753
Conversion to distributable reserves
-
(33,759,753)
-
(33,759,753)
At the end of the year
-
0
-
0
-
0
-
0

During the prior period, the directors of the company passed a special resolution to convert the share premium account to distributable reserves.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,564
8,564
8,564
8,564
26
Other reserves
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Other reserves
(Continued)
- 30 -

The other reserves is a merger reserve which arose on the issue of shares on an acquisition in 2018.  The balance is stated after the effect of related transactions on the same day including dividends in specie and impairments.

27
Acquisition of a business
On 1 August 2024 the group acquired 100% of the issued capital of Laser Profiles Limited from a connected company under common control.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
74,751
-
74,751
Inventories
45,672
-
45,672
Trade and other receivables
467,145
-
467,145
Cash and cash equivalents
143,062
-
143,062
Trade and other payables
(476,916)
-
(476,916)
Total identifiable net assets
253,714
-
253,714
Goodwill
-
Total consideration
253,714
The consideration was satisfied by:
£
Cash
253,714
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Profit after tax
1,518

Immediately post acquisition, the trade of Laser Profiles Limited transferred to WEC Group Limited on the 1 August 2024.

WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
28
Operating lease commitments

At the reporting date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
2024
2023
£
£
Within one year
2,103,496
1,759,568
Between two and five years
3,547,297
1,170,416
5,650,793
2,929,984

The company has no operating lease commitments.

29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
2024
2023
£
£
Acquisition of tangible fixed assets
4,080,187
1,104,500
4,080,187
1,104,500

The company has no capital commitments.

30
Related party transactions
Transactions with related parties

The group has sold goods and services to companies with a common director amounting to £247,677 (2023 - £358,151). A total of £168,469 (2023 - £91,897) was due from these companies at the year end.

 

The group has purchased services from companies with a common director amounting to £2,533,709 (2023 - £2,100,659). A total of £374,319 (2023 - £233,046) was due to these companies at the year end.

 

The group has made purchases from companies that are connected by common control of £3,454,133 (2023 - £2,805,313). A total of £580,272 (2023 - £349,283) was due to these companies at the year end.

 

The group has made sales to companies that are connected by common control of £31,709 (2023 - £33,393). A total of £967 (2023 - £55,474) was due from these companies at the year end.

 

During the period, WEC Group Limited paid £49,988 (2023: £50,579) in remuneration and service costs to persons connected to directors.

31
Controlling party
WEC GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
31
Controlling party
(Continued)
- 32 -

The immediate parent company is Britannia Metals Holdings Ltd, a company registered in the USA. The parent company of this company is Britannia Metals Parent Company, also a company registered in the USA and is the controlling party and ultimate parent company.

32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
5,929,412
5,518,665
Adjustments for:
Taxation charged
3,347,363
3,196,082
Finance costs
454,210
272,862
Investment income
(595,414)
(1,411,228)
Gain on disposal of tangible fixed assets
(357,908)
(148,283)
Amortisation and impairment of intangible assets
4,622,661
4,613,283
Depreciation and impairment of tangible fixed assets
3,864,699
3,735,465
Movements in working capital:
Decrease/(increase) in stocks
36,462
(1,882,620)
Increase in debtors
(1,871,756)
(1,255,536)
(Decrease)/increase in creditors
(1,832,235)
3,385,679
Cash generated from operations
13,597,494
16,024,369
33
Analysis of changes in net funds - group
1 January 2024
Cash flows
New hire purchases
31 December 2024
£
£
£
£
Cash at bank and in hand
17,779,789
(3,424,522)
-
14,355,267
Obligations under hire purchase contracts
(7,091,438)
(2,222,624)
(2,487,329)
(11,801,391)
10,688,351
(5,647,146)
(2,487,329)
2,553,876
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100J S HartleyS A HusseyR W Colburnfalse113240032024-01-012024-12-3111324003bus:Director12024-01-012024-12-3111324003bus:Director22024-01-012024-12-3111324003bus:Director32024-01-012024-12-3111324003bus:RegisteredOffice2024-01-012024-12-31113240032024-12-3111324003bus:Consolidated2024-12-3111324003bus:Consolidated2024-01-012024-12-3111324003bus:Consolidated2023-01-012023-12-31113240032023-01-012023-12-3111324003core:Goodwillbus:Consolidated2024-12-3111324003core:Goodwillbus:Consolidated2023-12-3111324003core:OtherResidualIntangibleAssetsbus:Consolidated2024-12-3111324003core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3111324003core:ComputerSoftwarebus:Consolidated2024-12-3111324003core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2024-12-3111324003core:ComputerSoftwarebus:Consolidated2023-12-3111324003core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-12-3111324003bus:Consolidated2023-12-3111324003core:LeaseholdImprovementsbus:Consolidated2024-12-3111324003core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2024-12-3111324003core:PlantMachinerybus:Consolidated2024-12-3111324003core:MotorVehiclesbus:Consolidated2024-12-3111324003core:LeaseholdImprovementsbus:Consolidated2023-12-3111324003core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-12-3111324003core:PlantMachinerybus:Consolidated2023-12-3111324003core:MotorVehiclesbus:Consolidated2023-12-31113240032023-12-3111324003core:ShareCapitalbus:Consolidated2024-12-3111324003core:ShareCapitalbus:Consolidated2023-12-3111324003core:OtherMiscellaneousReservebus:Consolidated2024-12-3111324003core:OtherMiscellaneousReservebus:Consolidated2023-12-3111324003core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3111324003core:ShareCapital2024-12-3111324003core:ShareCapital2023-12-3111324003core:OtherMiscellaneousReserve2024-12-3111324003core:OtherMiscellaneousReserve2023-12-3111324003core:RetainedEarningsAccumulatedLosses2024-12-3111324003core:RetainedEarningsAccumulatedLosses2023-12-3111324003core:ShareCapitalbus:Consolidated2022-12-3111324003core:SharePremiumbus:Consolidated2022-12-3111324003core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3111324003core:SharePremiumbus:Consolidated2023-12-3111324003core:SharePremiumbus:Consolidated2024-12-3111324003core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3111324003core:ShareCapital2022-12-3111324003core:SharePremium2022-12-3111324003core:RetainedEarningsAccumulatedLosses2022-12-3111324003core:SharePremium2023-12-3111324003core:SharePremium2024-12-3111324003core:SharePremiumbus:Consolidated2023-12-3111324003core:SharePremium2023-12-3111324003core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3111324003core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111324003core:CurrentFinancialInstruments2024-12-3111324003core:CurrentFinancialInstruments2023-12-3111324003bus:Consolidated2022-12-3111324003core:Goodwill2024-01-012024-12-3111324003core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3111324003core:ComputerSoftware2024-01-012024-12-3111324003core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-01-012024-12-3111324003core:LeaseholdImprovements2024-01-012024-12-3111324003core:PlantMachinery2024-01-012024-12-3111324003core:MotorVehicles2024-01-012024-12-3111324003core:ConstructionInProgressAssetsUnderConstruction2024-01-012024-12-3111324003core:UKTaxbus:Consolidated2024-01-012024-12-3111324003core:UKTaxbus:Consolidated2023-01-012023-12-3111324003bus:Consolidated12024-01-012024-12-3111324003bus:Consolidated12023-01-012023-12-3111324003core:Goodwillbus:Consolidated2023-12-3111324003core:ComputerSoftwarebus:Consolidated2023-12-3111324003core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-12-3111324003bus:Consolidated2023-12-3111324003core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-3111324003core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-3111324003core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-3111324003core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-3111324003core:Goodwillbus:Consolidated2024-01-012024-12-3111324003core:ComputerSoftwarebus:Consolidated2024-01-012024-12-3111324003core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2024-01-012024-12-3111324003core:LeaseholdImprovementsbus:Consolidated2023-12-3111324003core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-12-3111324003core:PlantMachinerybus:Consolidated2023-12-3111324003core:MotorVehiclesbus:Consolidated2023-12-3111324003core:LeaseholdImprovementsbus:Consolidated2024-01-012024-12-3111324003core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2024-01-012024-12-3111324003core:PlantMachinerybus:Consolidated2024-01-012024-12-3111324003core:MotorVehiclesbus:Consolidated2024-01-012024-12-3111324003core:PlantMachinery2024-12-3111324003core:PlantMachinery2023-12-3111324003core:MotorVehicles2024-12-3111324003core:MotorVehicles2023-12-3111324003core:Subsidiary12024-01-012024-12-3111324003core:Subsidiary22024-01-012024-12-3111324003core:Subsidiary32024-01-012024-12-3111324003core:Subsidiary42024-01-012024-12-3111324003core:Subsidiary52024-01-012024-12-3111324003core:Subsidiary62024-01-012024-12-3111324003core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3111324003core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3111324003core:Non-currentFinancialInstrumentsbus:Consolidated2024-12-3111324003core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3111324003core:Non-currentFinancialInstruments2024-12-3111324003core:Non-currentFinancialInstruments2023-12-3111324003core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3111324003core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3111324003core:WithinOneYearbus:Consolidated2024-12-3111324003core:WithinOneYearbus:Consolidated2023-12-3111324003core:WithinOneYear2024-12-3111324003core:WithinOneYear2023-12-3111324003core:BetweenTwoFiveYearsbus:Consolidated2024-12-3111324003core:BetweenTwoFiveYearsbus:Consolidated2023-12-3111324003core:BetweenTwoFiveYears2024-12-3111324003core:BetweenTwoFiveYears2023-12-3111324003core:MoreThanFiveYearsbus:Consolidated2024-12-3111324003core:MoreThanFiveYearsbus:Consolidated2023-12-3111324003core:MoreThanFiveYears2024-12-3111324003core:MoreThanFiveYears2023-12-3111324003bus:PrivateLimitedCompanyLtd2024-01-012024-12-3111324003bus:FRS1022024-01-012024-12-3111324003bus:Audited2024-01-012024-12-3111324003bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3111324003bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP