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COMPANY REGISTRATION NUMBER: 11961465
AJWG Limited
Financial Statements
29 March 2024
AJWG Limited
Financial Statements
Year ended 29 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
4
Independent auditor's report to the members
6
Consolidated statement of income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
AJWG Limited
Officers and Professional Advisers
Director
Mr AWG Clugston
Registered office
The Old Rectory
High Street
Fillingham
Gainsborough
DN21 5BS
Auditor
Versant Associates LLP
Chartered accountants & statutory auditor
The Old Mill,
9 Soar Lane
Leicester
LE3 5DE
AJWG Limited
Strategic Report
Year ended 29 March 2024
The directors present their annual report and financial statements for the period ended 29 March 2024 Fair review of the business The group maintained a reasonable level of turnover in the year of £22,713,576 compared to £23,809,666. Despite the reduced turnover, although the group made a pretax loss of £163,517 this was due to the provision for a large related party bad debt amounting to £353,684. Without this bad debt the group would have achieved a profit of £190,167 against a loss in the previous year of £90,925, reflecting improved operating margin. No significant new business streams were pursued in the year and the group continued with its strategy of stability and consistency. Towards the end of the year the decision was made to set up a new haulage business in the South East of England, to capitalise on opportunities arising from the port at Felixstowe. Due to the diversity of the group's specialist haulage activities, it is not dependant on one particular industry sector and is able to weather the variances in the various sectors and avoid having to compete in competitive markets. The significant strength of the business model is the high level of service and flexibility it provides to its customers, which in turn creates long standing customer loyalty. Inflationary levels have stabilised in the year enabling operational margins to improve together with the implementation of its results from the Research and Development work undertaken.
The Clugston International Trading subsidiary increased its revenue and profitability over the previous 12 months. Sourcing good product for re-sale to its overseas customers remains an increasing challenge. The commercial vehicle repair and maintenance division continues to make encouraging progress in the after sales market, particularly in attracting new business from large local operators. Due to its expertise and service levels it maintains a loyal customer base. The competitive nature of this maintenance work means that staff retention is an issue and the business continues to improve its rates of pay to retain and attract quality technicians to ensure it can meet its customers demands. This division also continues its recruitment programme of taking on apprentices to ensure that it develops the skills and knowledge required in its growing operation. The management have taken a strategic decision to expand this division as a way of increasing profitability in in the group. A number of opportunities are currently being examined, which will lead to increasing the customer base and expanding its expertise in other sectors of the fleet maintenance market.
The Board is grateful for all the hard work and loyalty of the group's employees during this year. The change in the ownership structure in January 2024 provides the group to pursue its long- term objectives: - The flexibility to take advantages of opportunities as they arise. - Maintain excellent levels of service to its customers. - Retain and reward an experienced and loyal workforce. - Invest in the best solutions to improve in its business processes.
Change can often be negatively received, but for the group it is considered by all to be crucially important and necessary to keep itself at least conversant, and potentially ahead of the day's standards. Whilst the group continues to survive and thrive in an ever-changing market place, testing its resolve and resource, it firmly believes that to have concluded the financial year without significant losses in the circumstances reflects on the efforts of the company and moving into 2024 we anticipate the changes to impact positively on the profitability.
Principal risks and uncertainties The business faces daily risks and uncertainties. The careful management of risk is crucial to the group's business. The group continually reviews and analyses its controls to ensure they are fit for purpose. The Board measures progress through the review of key performance indicators and other relevant management information. Principal risks are reviewed by the Board on a regular basis and necessary action is taken. Monthly business review meetings held by the senior management team review all business risk and ensure that action is taken at all levels to ensure controls and remediations are in place.
Post year end events On 26th February 2025 Clugston Distribution Services Limited, the group's principal trading subsidiary entered into a Creditors Voluntary Arrangement. Clearly this has put financial restrictions on the business, but with the support of all our staff, customers and suppliers the business is trading strongly over all divisions and meeting all its commitments.
This report was approved by the board of directors on 29 July 2025 and signed on behalf of the board by:
Mr AWG Clugston
Director
Registered office:
The Old Rectory
High Street
Fillingham
Gainsborough
DN21 5BS
AJWG Limited
Director's Report
Year ended 29 March 2024
The director presents his report and the financial statements of the group for the year ended 29 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr AWG Clugston
Mr DA Ohandjanian
(Resigned 8 January 2024)
HLD GOC Holdings Limited
(Resigned 8 January 2024)
Dividends
The director does not recommend the payment of a dividend.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 26 to the financial statements.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 29 July 2025 and signed on behalf of the board by:
Mr AWG Clugston
Director
Registered office:
The Old Rectory
High Street
Fillingham
Gainsborough
DN21 5BS
AJWG Limited
Independent Auditor's Report to the Members of AJWG Limited
Year ended 29 March 2024
Qualified opinion
We have audited the financial statements of AJWG Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 March 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 29 March 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
In the previous year we were unable to obtain sufficient evidence to verify the quantities and value of stock included in the Balance Sheet at £129,346. Consequently, we were unable to determine whether any adjustment to the amount was required. Any adjustment to this amount will have an effect on the profit and loss account for the period.
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 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 qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have identified that there is a material uncertainly in relation to going concern on one of the subsidiaries of the group. Due to the size of the subsidiary, we have concluded that this material uncertainty in relation to going concern also applies to the group as a whole. We draw attention to note 26.
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 director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report 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 strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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. 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: - Enquiry of management with regard to actual and potential fraud and non-compliance with laws and regulations; - Reviewing legal correspondence and correspondence with regard to potential fraud and non compliance with laws and regulations; - Understanding and evaluating the company's internal controls; - Testing of journal entries that were deemed unusual; - Assessing financial statement disclosures, and testing to supporting documentation, for compliance with applicable laws and regulations. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Illingsworth
(Senior Statutory Auditor)
For and on behalf of
Versant Associates LLP
Chartered accountants & statutory auditor
The Old Mill,
9 Soar Lane
Leicester
LE3 5DE
29 July 2025
AJWG Limited
Consolidated Statement of Income and Retained Earnings
Year ended 29 March 2024
2024
2023
Note
£
£
Turnover
4
22,713,576
23,809,666
Cost of sales
18,841,487
20,201,728
-------------
-------------
Gross profit
3,872,089
3,607,938
Administrative expenses
3,861,831
3,330,989
Other operating income
5
2,000
------------
------------
Operating profit
6
10,258
278,949
Other interest receivable and similar income
10
27
Interest payable and similar expenses
11
173,802
369,154
------------
------------
Loss before taxation
( 163,517)
( 90,205)
Tax on loss
12
170,019
( 102,562)
---------
---------
(Loss)/profit for the financial year and total comprehensive income
( 333,536)
12,357
---------
---------
Retained earnings at the start of the year
1,411,839
1,399,482
------------
------------
Retained earnings at the end of the year
1,078,303
1,411,839
------------
------------
All the activities of the group are from continuing operations.
AJWG Limited
Company Statement of Income and Retained Earnings
Year ended 29 March 2024
2024
2023
Note
£
£
(Loss)/profit for the financial year and total comprehensive income
( 416,128)
( 22,075)
Retained losses at the start of the year
( 163,540)
( 141,465)
---------
---------
Retained losses at the end of the year
( 579,668)
( 163,540)
---------
---------
AJWG Limited
Consolidated Statement of Financial Position
29 March 2024
2024
2023
Note
£
£
Fixed assets
Negative goodwill
13
( 495,972)
( 630,647)
Tangible assets
14
3,500,443
3,981,173
Investments
15
350,000
------------
------------
3,004,471
3,700,526
Current assets
Stocks
16
436,643
453,006
Debtors
17
5,517,087
5,921,572
Cash at bank and in hand
231,196
809,347
------------
------------
6,184,926
7,183,925
Creditors: amounts falling due within one year
18
7,483,202
8,625,447
------------
------------
Net current liabilities
1,298,276
1,441,522
------------
------------
Total assets less current liabilities
1,706,195
2,259,004
Creditors: amounts falling due after more than one year
19
626,891
846,164
------------
------------
Net assets
1,079,304
1,412,840
------------
------------
Capital and reserves
Called up share capital
23
1,001
1,001
Profit and loss account
1,078,303
1,411,839
------------
------------
Shareholders funds
1,079,304
1,412,840
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2025 , and are signed on behalf of the board by:
Mr AWG Clugston
Director
Company registration number: 11961465
AJWG Limited
Company Statement of Financial Position
29 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
15
1,312,290
1,407,790
Current assets
Debtors
17
45,540
614,496
Cash at bank and in hand
650
551
--------
---------
46,190
615,047
Creditors: amounts falling due within one year
18
1,937,147
2,185,376
------------
------------
Net current liabilities
1,890,957
1,570,329
------------
------------
Total assets less current liabilities
( 578,667)
( 162,539)
---------
---------
Net liabilities
( 578,667)
( 162,539)
---------
---------
Capital and reserves
Called up share capital
23
1,001
1,001
Profit and loss account
( 579,668)
( 163,540)
---------
---------
Shareholders deficit
( 578,667)
( 162,539)
---------
---------
The loss for the financial year of the parent company was £ 416,128 (2023: £ 22,075 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2025 , and are signed on behalf of the board by:
Mr AWG Clugston
Director
Company registration number: 11961465
AJWG Limited
Consolidated Statement of Cash Flows
Year ended 29 March 2024
2024
2023
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 333,536)
12,357
Adjustments for:
Depreciation of tangible assets
712,088
656,700
Amortisation of intangible assets
( 130,175)
( 130,175)
Other interest receivable and similar income
( 27)
Interest payable and similar expenses
173,802
369,154
Loss/(gains) on disposal of tangible assets
23,984
( 5,052)
Tax on loss
(4,422)
Accrued expenses/(income)
56,114
( 263,076)
Changes in:
Stocks
16,363
( 61,661)
Trade and other debtors
404,485
387,451
Trade and other creditors
( 734,664)
1,080,059
---------
------------
Cash generated from operations
188,434
2,041,335
Interest paid
( 173,802)
( 369,154)
Interest received
27
Tax paid
( 42,042)
( 24,027)
---------
------------
Net cash (used in)/from operating activities
( 27,383)
1,648,154
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 396,342)
( 1,339,466)
Proceeds from sale of tangible assets
141,000
69,226
Acquisition of subsidiaries
( 38,000)
---------
------------
Net cash used in investing activities
( 255,342)
( 1,308,240)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
( 15,871)
( 29,693)
Payments of finance lease liabilities
( 279,555)
33,737
---------
------------
Net cash (used in)/from financing activities
( 295,426)
4,044
---------
------------
Net (decrease)/increase in cash and cash equivalents
( 578,151)
343,958
Cash and cash equivalents at beginning of year
809,347
465,389
---------
---------
Cash and cash equivalents at end of year
231,196
809,347
---------
---------
AJWG Limited
Notes to the Financial Statements
Year ended 29 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Rectory, High Street, Fillingham, Gainsborough, DN21 5BS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the current and potential future impact of the current economic climate and the directors do not believe that there is any significant uncertainty over the company's and group's ability to continue and to trade as a going concern. Furthermore, the director has received assurances from the shareholders that they intend to continue to financially support the company and group in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company.
Consolidation
The financial statements consolidate the financial statements of AJWG Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Useful economic life of tangible fixed assets Tangible fixed assets (note 13)) are depreciated over their useful economic lives taking into account residual values, where appropriate. The expected lives of the assets and residual values are assessed annually and may depend on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value reassessments consider future market conditions, the remaining life of the assets and projected disposal values. Useful economic life of intangible fixed assets Goodwill and negative goodwill is released in line with when the economic benefit of the acquired assets is expected to be written off and recovered, based on judgements made by management. Amortisation of goodwill will be assessed in line with the above if any changes to useful lives are significant.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill comprises of both positive and negative goodwill. Positive goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Negative goodwill arises on business acquisitions and represents the excess of the company's interest in the identifiable assets, liabilities and contingent liabilities of the acquired business over the cost. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. For the benefit 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 can 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
9-10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
2-15 years straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
1,503,712
1,380,844
Rendering of services
21,209,864
22,428,822
-------------
-------------
22,713,576
23,809,666
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
22,459,672
23,358,477
Overseas sales
253,904
451,189
-------------
-------------
22,713,576
23,809,666
-------------
-------------
5. Other operating income
2024
2023
£
£
Other operating income
2,000
----
-------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
( 130,175)
( 130,175)
Depreciation of tangible assets
712,088
656,700
Loss/(gains) on disposal of tangible assets
23,984
( 5,052)
Impairment of trade debtors
331,734
(1,904)
Operating lease rentals
22,452
27,190
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
69,208
57,296
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Distribution staff
129
145
Administrative staff
56
38
----
----
185
183
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
7,965,684
7,718,740
Social security costs
879,354
920,116
Other pension costs
205,394
198,354
------------
------------
9,050,432
8,837,210
------------
------------
9. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
125,000
243,100
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
125,000
243,100
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
27
----
----
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
35,901
154,363
Interest on obligations under finance leases and hire purchase contracts
125,079
214,791
Other interest payable and similar charges
12,822
---------
---------
173,802
369,154
---------
---------
12. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
2,797
Adjustments in respect of prior periods
( 7,220)
----
-------
Total current tax
( 4,423)
----
-------
Deferred tax:
Origination and reversal of timing differences
170,019
( 98,139)
---------
---------
Tax on loss
170,019
( 102,562)
---------
---------
Reconciliation of tax expense/(income)
The tax assessed on the loss on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Loss on ordinary activities before taxation
( 163,517)
( 90,205)
---------
--------
Loss on ordinary activities by rate of tax
( 15,116)
( 67,935)
Adjustment to tax charge in respect of prior periods
( 7,220)
Effect of expenses not deductible for tax purposes
74,693
52,317
Effect of capital allowances and depreciation
( 5,311)
( 164,562)
Utilisation of tax losses
( 54,266)
Unused tax losses
182,977
Deferred tax
170,019
( 98,139)
---------
---------
Tax on loss
170,019
( 102,562)
---------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 30 March 2023
( 1,100,925)
Acquisitions through business combinations
4,500
------------
At 29 March 2024
( 1,096,425)
------------
Amortisation
At 30 March 2023
( 470,278)
Charge for the year
( 130,175)
------------
At 29 March 2024
( 600,453)
------------
Carrying amount
At 29 March 2024
( 495,972)
------------
At 29 March 2023
( 630,647)
------------
The company has no intangible assets.
The intangible assets of the group consist of negative goodwill brought forward on the purchase of the entire share capital of a subsidiary company amounting to net book value of £825,612 (2023: £996,429) and positive goodwill on the purchase of the entire share capital of a subsidiary on 10 March 2023 amounting to £325,140 (2023: £365,782).
14. Tangible assets
Group
Plant and machinery
£
Cost
At 30 March 2023
5,652,123
Additions
396,342
Disposals
( 216,676)
------------
At 29 March 2024
5,831,789
------------
Depreciation
At 30 March 2023
1,670,950
Charge for the year
712,088
Disposals
( 51,692)
------------
At 29 March 2024
2,331,346
------------
Carrying amount
At 29 March 2024
3,500,443
------------
At 29 March 2023
3,981,173
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
£
At 29 March 2024
1,599,383
------------
At 29 March 2023
1,849,105
------------
15. Investments
Group
Other investments other than loans
£
Cost
At 30 March 2023
350,000
Disposals
( 350,000)
---------
At 29 March 2024
---------
Impairment
At 30 March 2023 and 29 March 2024
---------
Carrying amount
At 29 March 2024
---------
At 29 March 2023
350,000
---------
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 30 March 2023
1,307,790
100,000
1,407,790
Additions
4,500
4,500
Disposals
( 100,000)
( 100,000)
------------
---------
------------
At 29 March 2024
1,312,290
1,312,290
------------
---------
------------
Impairment
At 30 March 2023 and 29 March 2024
------------
---------
------------
Carrying amount
At 29 March 2024
1,312,290
1,312,290
------------
---------
------------
At 29 March 2023
1,307,790
100,000
1,407,790
------------
---------
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Clugston Distribution Services Limited
Ordinary
100
Clugston International Trading Limited
Ordinary
100
The registered offices are as follows; Clugston Distribution Services Limited: Brigg Road, Scunthorpe, DN16 1BB Clugston Internatioal Trading Limited: The Old Rectory, High Street, Fillingham, Gainsborough, DN21 5BS
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
436,643
453,006
---------
---------
----
----
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
4,574,346
4,064,024
Deferred tax asset
196,220
366,239
34,533
21,273
Prepayments and accrued income
667,201
851,928
Corporation tax repayable
2,159
Director's loan account
2,751
1,001
1
1,001
Other debtors
74,410
638,380
11,006
592,222
------------
------------
--------
---------
5,517,087
5,921,572
45,540
614,496
------------
------------
--------
---------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
15,896
15,626
Trade creditors
1,729,086
2,217,355
1,000
19,361
Amounts owed to group undertakings
1,516,293
1,791,440
Accruals and deferred income
296,013
239,899
12,225
13,975
Corporation tax
42,042
Social security and other taxes
1,664,647
2,118,419
Obligations under finance leases and hire purchase contracts
575,381
651,804
Other creditors
3,202,179
3,340,302
407,629
360,600
------------
------------
------------
------------
7,483,202
8,625,447
1,937,147
2,185,376
------------
------------
------------
------------
Obligations under finance lease and hire purchase contracts are secured by related assets.
Included within other creditors is an invoice discounting facility of £2,638,797 (2023: £2,413,668) which is secured on assets of one of the subsidiaries.
19. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
23,364
39,505
Obligations under finance leases and hire purchase contracts
603,527
806,659
---------
---------
----
----
626,891
846,164
---------
---------
----
----
Obligations under finance lease and hire purchase contracts are secured by related asssets.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
644,597
677,786
Later than 1 year and not later than 5 years
638,213
964,009
------------
------------
----
----
1,282,810
1,641,795
Less: future finance charges
( 103,902)
( 183,332)
------------
------------
----
----
Present value of minimum lease payments
1,178,908
1,458,463
------------
------------
----
----
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in debtors (note 17)
196,220
366,239
34,533
21,273
---------
---------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
( 308,060)
( 170,032)
Unused tax losses
504,280
536,271
34,533
21,273
---------
---------
--------
--------
196,220
366,239
34,533
21,273
---------
---------
--------
--------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 205,394 (2023: £ 198,354 ).
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.10 each
10,008
1,001
10,006
1,001
--------
-------
--------
-------
24. Analysis of changes in net debt
At 30 Mar 2023
Cash flows
At 29 Mar 2024
£
£
£
Cash at bank and in hand
809,347
(578,151)
231,196
Debt due within one year
(667,430)
76,153
(591,277)
Debt due after one year
(846,164)
219,273
(626,891)
---------
---------
---------
( 704,247)
( 282,725)
( 986,972)
---------
---------
---------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
1,412,838
333,527
Later than 1 year and not later than 5 years
2,822,804
4,094,255
------------
------------
----
----
4,235,642
4,427,782
------------
------------
----
----
26. Events after the end of the reporting period
Clugston Distribution Services Limited, a subsidiary of AJWG Limited , entered into a Creditors Voluntary Arrangement on 26 February 2025. On 31 January 2025, AJWG Limited sold 100% of its shareholding in Clugston International Trading Limited at an open market valuation to AWG Clugston Holdings Limited, a company under common control.
27. Director's advances, credits and guarantees
Included within other creditors is an amount of £3,751(2023: £1,000) due by the directors.
28. Related party transactions
Group
The remuneration of key management personnel of the group (aggregate compensation) was £298,672 (2023: £284,330). The company has taken advantage of the exemption available in accordance with FRS102 section 1.12(e) 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is the parent company of the group to which it is a party to the transaction.
Company
Included within other debtors is an amount of £Nil (2023: £389,000) due from a company that is related by virtue of common control. Included within other creditors are amounts of £Nil (2023: £366,600) due to a company that is related by virtue of common control. During the year, there was a write off of a related party debtor amounting to £353,684. The related party debtor was a company under the control of the former shareholders who sold their interest in AJWG Limited in January 2024.
29. Controlling party
The directors consider there is no controlling party.