| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| WISDOM TOOTHBRUSHES LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| WISDOM TOOTHBRUSHES LIMITED |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Profit and loss | 7 |
| The Statement of Comprehensive Income | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Equity | 10 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 |
| WISDOM TOOTHBRUSHES LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| 16 Davy Court |
| Castle Mound Way |
| Rugby, CV23 0UZ |
| Magma Audit LLP is part |
| Of the Dains Group |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| STRATEGIC REPORT |
| for the year ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| Financial Performance |
| In 2024 we saw continued strong demand for our products with sales increasing overall by 9% against the previous year. Our profit before tax for the year increased to 22% (FY23 12%). |
| Our net cash position at the end of 2024 was £7,224,000 compared to £10,726,000 in 2023. |
| Total shareholder funds at the end of 2024 were £14,248,000 compared to £16,306,000 in 2023. |
| Development and Performance during financial period |
| During 2024 we continued to strengthen our team with a number of new positions being created which have been successfully recruited for. |
| We also continued to invest in our Facility Centre (opened in 2022) to enable us to manage the elevated demand for our products without major issue, and also help to offset potential extended lead time for stock due to worldwide events. |
| Key performance indicators |
| In addition to the above, the company measures its performance using the gross profit against sales. The gross profit for the year was 50% (FY23 45%). |
| SIGNIFICANT RISKS |
| Foreign exchange |
| The company makes a substantial proportion of purchases in foreign currency, and to a lesser extent some export sales are in foreign currency. The company hedges its exposure, where appropriate. |
| OTHER MATTERS OF STRATEGIC IMPORTANCE |
| Future Developments |
| Wisdom will continue to invest in new product development to launch to the market. We also continue to improve operational efficiencies and strengthen bonds with our stakeholders. |
| During in the year, the company repurchased ordinary shares which were subsequently cancelled on 14 August 2024. |
| ON BEHALF OF THE BOARD: |
| 4 August 2025 |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| REPORT OF THE DIRECTORS |
| for the year ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the marketing and distribution of toothbrushes and other oral care products. |
| DIVIDENDS |
| The directors declared an interim dividend on the ordinary shares of £20.00 (2023 : £Nil) per share during the year. |
| RESEARCH AND DEVELOPMENT |
| Expenditure on research and development is written off as incurred. |
| FUTURE DEVELOPMENTS |
| The directors intend to maintain profitable developments of the business but no major changes are anticipated. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| FINANCIAL INSTRUMENTS |
| The principal financial instruments of the company comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the company's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and fixed deposit facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. They are 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| REPORT OF THE DIRECTORS |
| for the year ended 31 December 2024 |
| AUDITORS |
| The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| WISDOM TOOTHBRUSHES LIMITED |
| Opinion |
| We have audited the financial statements of Wisdom Toothbrushes Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and loss, The Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| WISDOM TOOTHBRUSHES LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Based on our understanding of the company and the industry, we have identified the principal risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. |
| Audit procedures performed by the engagement team included: |
| - | Discussions with management, including consideration of known or suspected instances of non-compliance with |
| laws and regulation, and fraud; |
| - | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, |
| or with unusual descriptions; and |
| - | Challenging assumptions made by management in their significant accounting estimates, such as those used |
| to assess the value of the defined benefit pension scheme, investment property, customer rebate provisions, |
| stock provisions, deferred tax and the recoverability of debtors. |
| There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting in error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| 16 Davy Court |
| Castle Mound Way |
| Rugby, CV23 0UZ |
| Magma Audit LLP is part |
| Of the Dains Group |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| PROFIT AND LOSS |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| 5,881 | 3,139 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| Other finance income | 21 |
| 7,739 | 4,925 |
| Loss on revaluation of |
| investment property | - | (311 | ) |
| 7,739 | 4,614 |
| Interest payable and similar expenses | 7 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| THE STATEMENT OF COMPREHENSIVE |
| INCOME |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME |
| Remeasurement of net defined benefit |
| obligation |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investment property | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors: amounts falling due within one year | 13 |
| Investments | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Capital redemption reserve | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| STATEMENT OF CHANGES IN EQUITY |
| for the year ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £'000 | £'000 | £'000 | £'000 |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Purchase of own shares | - | (5,828 | ) | 1 | (5,827 | ) |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| CASH FLOW STATEMENT |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Movement of current asset investments | (1,035 | ) | (28 | ) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Share buyback | ( |
) |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
5,970 |
| Cash and cash equivalents at end of year | 2 | 7,224 | 10,726 |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE CASH FLOW STATEMENT |
| for the year ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £'000 | £'000 |
| Profit for the financial year |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Loss on revaluation of fixed assets | - | 311 |
| Finance costs | 1,618 | 1,660 |
| Finance income | (1,800 | ) | (1,738 | ) |
| Taxation |
| 6,133 | 3,360 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31/12/24 | 1/1/24 |
| £'000 | £'000 |
| Cash and cash equivalents | 7,224 | 10,726 |
| Year ended 31 December 2023 |
| 31/12/23 | 1/1/23 |
| £'000 | £'000 |
| Cash and cash equivalents | 10,726 | 5,970 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/1/24 | Cash flow | At 31/12/24 |
| £'000 | £'000 | £'000 |
| Net cash |
| Cash at bank and in hand | 10,726 | (3,502 | ) | 7,224 |
| 10,726 | ( |
) | 7,224 |
| Liquid resources |
| Current asset investments | 554 | 1,035 | 1,589 |
| 554 | 1,035 | 1,589 |
| Total | 11,280 | (2,467 | ) | 8,813 |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| 1. | GENERAL INFORMATION |
| The company carries out marketing and distribution of toothbrushes and other oral care products. |
| The company is a private company limited by shares and is incorporated in England. The address of its registered office is The Silk Mill, Haverhill, Suffolk, CB9 8DT. |
| 2. | ACCOUNTING POLICIES |
| Statement of compliance |
| The individual statements of the company have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006. |
| Basis of preparing the financial statements |
| These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss. |
| The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below. |
| The financial statements are presented in Sterling to the nearest £1,000. |
| Preparation of consolidated financial statements |
| The company is itself a parent company. The subsidiary company has not been consolidated nor group accounts prepared under section 405(2) of the Companies Act 2006 as the directors do not consider the subsidiary to be material. These financial statements therefore present information about the company as an individual undertaking and not about its group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
| The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of company’s sales channels have been met. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. |
| Depreciation is provided at the following annual rates in order to write off each asset, net of anticipated disposal proceeds, over its estimated useful economic life. Depreciation is charged at the following rates: |
| Freehold buildings | - | 50 years |
| Fixtures and fittings | - | 5 to 10 years |
| Plant and machinery | - | 3 to 7 years |
| Motor Vehicles | - | 5 years |
| Freehold land is not depreciated. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
| Cost is determined on the first-in, first-out (FIFO) method. |
| At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment |
| charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of comprehensive income. |
| Taxation |
| The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
| The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
| Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within administrative expenses. |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investment in subsidiary |
| Investment in subsidiary company is held at cost less accumulated impairment losses. |
| Share capital |
| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
| Leases |
| Rentals payable under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor. |
| Pension costs and other post-retirement benefits |
| The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. |
| The defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date. |
| The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments (‘discount rate’). |
| The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company’s policy for similarly held assets. This includes the use of appropriate valuation techniques. |
| Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as ‘Remeasurement of net defined benefit liability’. |
| The cost of the defined benefit plan, recognised in profit or loss as employee costs comprises: |
| (a) the increase in pension benefit liability arising from employee service during the period; and |
| (b) the cost of plan introductions, benefit changes, curtailments and settlements. |
| The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the income statement as ‘Interest payable and similar charges’. |
| The company also operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
| Critical accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| (i) Valuation of investment property |
| The useful economic lives and residual values of investment properties are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
| (ii) Defined benefit pension scheme |
| The company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| (iii) Customer rebates |
| The company has agreements with customers to provide rebates contingent on specified order levels being met. The value of these rebates are estimated at the year end based on order levels to date and expectations given historic rebates paid. |
| (iv) Stock provisions |
| The company sells oral care products and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of finished goods and future usage. |
| (v) Impairment of debtors |
| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £'000 | £'000 |
| United Kingdom |
| Europe |
| Rest of World | 1,698 | 1,399 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £'000 | £'000 |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Distribution | 8 | 9 |
| Selling marketing and administration | 19 | 21 |
| Key management compensation |
| The directors deem key management to include directors only. |
| 5. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 5. | DIRECTORS' EMOLUMENTS - continued |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Defined benefit schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £'000 | £'000 |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| Foreign exchange differences |
| Other operating leases |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £'000 | £'000 |
| Interest on pension obligation |
| Interest on effect of asset |
| ceiling |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £'000 | £'000 |
| Current tax: |
| UK corporation tax |
| Deferred tax: |
| Change in deferred tax | ( |
) | ( |
) |
| Tax on profit |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £'000 | £'000 |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Pension contributions in excess of pension charge | 23 | 20 |
| Change in deferred tax | - | (38 | ) |
| Change in tax rates | - | 1 |
| Revaluations | - | 73 |
| Total tax charge | 1,561 | 757 |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £'000 | £'000 | £'000 |
| Remeasurement of net defined benefit |
| obligation | - | 209 |
| 209 | - | 209 |
| 2023 |
| Gross | Tax | Net |
| £'000 | £'000 | £'000 |
| Remeasurement of net defined benefit |
| obligation | - | 207 |
| 207 | - | 207 |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £'000 | £'000 |
| Ordinary shares of £0.01 each |
| Final |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Freehold | Fixtures |
| land & | Plant and | and | Motor |
| buildings | machinery | fittings | vehicles | Totals |
| £'000 | £'000 | £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The cost of land included within freehold land and buildings, on which no depreciation is charged is £259,000 (2023: £259,000). |
| 11. | INVESTMENT PROPERTY |
| Total |
| £'000 |
| FAIR VALUE |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Investment property represents freehold land and buildings not presently used and not intended for use in the company's business. |
| Investment property is included at open market value. The valuation is carried out by the directors with professional advice. |
| The historical cost of the investment properties was £504,000 (2023: £504,000). |
| 12. | STOCKS |
| 2024 | 2023 |
| £'000 | £'000 |
| Raw materials |
| Finished goods |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £'000 | £'000 |
| Trade debtors |
| Other debtors |
| VAT |
| Derivative financial instruments |
| Prepayments and accrued income |
| 14. | CURRENT ASSET INVESTMENTS |
| 2024 | 2023 |
| £'000 | £'000 |
| Short term deposits |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £'000 | £'000 |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | - | 268 |
| Other creditors |
| Accrued expenses |
| Unpaid pension contributions included within other creditors amount to £15,085 (2023: £15,265). |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £'000 | £'000 |
| Within one year |
| 17. | FINANCIAL INSTRUMENTS |
| The company has the following financial instruments: |
| 2024 | 2023 |
| £'000 | £'000 |
| Financial liabilities measured at fair value through profit or loss |
| - Derivative financial instruments | 22 | - |
| 18. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £'000 | £'000 |
| Deferred tax | 84 | 109 |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 18. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £'000 |
| Balance at 1 January 2024 |
| Credit to Profit and loss during year | ( |
) |
| Balance at 31 December 2024 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £'000 | £'000 |
| Ordinary | £0.01 | 1 | 1 |
| During the year the company repurchased and cancelled 50,000 ordinary shares for a total consideration of £5,774,000. |
| Each share has full rights to voting, participation in income and capital distributions and are non redeemable. |
| 20. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £'000 | £'000 | £'000 |
| At 1 January 2024 | 16,305 |
| Profit for the year | - |
| Dividends | ( |
) | - | ( |
) |
| Remeasurement of net defined |
| benefit obligation | 209 | - | 209 |
| Purchase of own shares | (5,828 | ) | 1 | (5,827 | ) |
| At 31 December 2024 | 14,247 |
| 21. | EMPLOYEE BENEFIT OBLIGATIONS |
| The company operates a defined benefit scheme which is funded by the payment of contributions to a separate trustee administered fund. The contributions to the scheme are determined with the advice of independent qualified actuaries on the basis of triennial valuations using a discounted cash flow approach. The last triennial valuation was carried out on 1 July 2022 and revealed a funding surplus, so the company is not currently contributing into the Scheme. |
| Our actuarial adviser has made suitable adjustments over the period to 31 December 2024 incorporating the market value of the scheme's investments at that date. |
| For the current year end, the surplus has been treated as being irrecoverable, as there would appear to be little likelihood of the £10.893 million currently being available to the employer through reduced contributions or a refund. The asset has therefore not been recognised. |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 21. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Current service cost |
| Interest cost | 1,119 | 1,158 |
| Past service cost | - | - |
| Interest income on assets | ( |
) | ( |
) |
| Administration expenses | 117 | 120 |
| Interest on effect of asset ceiling | 499 | 502 |
| 209 | 223 |
| Actual return on plan assets | ( |
) |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Opening defined benefit obligation |
| Current service cost |
| Contributions by employer | 46 | 51 |
| Interest cost |
| Actuarial losses/(gains) | ( |
) |
| Benefits paid | ( |
) | ( |
) |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Opening fair value of scheme assets |
| Interest on income on assets | 1,618 | 1,660 |
| Contributions by employer |
| Contributions by scheme participants |
| Actuarial gains/(losses) | ( |
) |
| Benefits paid | (1,554 | ) | (1,159 | ) |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Actuarial gains/(losses) |
| 209 | 207 |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 21. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The major categories of scheme assets as a percentage of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| Equities | 18% | 15% |
| Gilts | 41% | 44% |
| Corporate bonds | 41% | 41% |
| 100% | 100% |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2024 | 2023 |
| Discount rate | 5.4% | 4.5% |
| Inflation - RPI | 3.2% | 3.0% |
| Inflation - CPI | 2.7% | 2.5% |
| Salary Growth | 2.7% | 2.5% |
| Pension increases in deferment | 2.7% | 2.5% |
| Pension increases in payment: |
| - RPI, max 5% | 3.0% | 2.9% |
| - CPI, min 3%, max 5% | 3.6% | 3.5% |
| Exchange of pension for cash on retirement | Cost neutral | Cost neutral |
| Base morality table | S3NA | S3NA |
Mortality projection basis | CMI 2024(Core | ) | CMI 2023 (Core | ) |
| Life expectancies at age 60: |
| - Male currently aged 60 | 86.1 | 86.1 |
| - Female currently aged 60 | 89.0 | 89.0 |
| - Male currently aged 40 | 87.3 | 87.3 |
| - Female currently aged 40 | 90.1 | 90.1 |
| The company also operates a defined contribution pension scheme. The cost for the year was £38,000 (2023: £35,000). |
| 22. | CONTINGENT LIABILITIES |
| A duty deferment guarantee for £42,000 (2023: £42,000) has been provided to HM Revenue and Customs. |
| 23. | COMMITMENTS |
| At the year end forward exchange contracts amounting to £3,065,904 (2023: £5,035,000) were outstanding for the purchase of foreign currency at set dates in the future. |
| WISDOM TOOTHBRUSHES LIMITED (REGISTERED NUMBER: 02881666) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 24. | RELATED PARTY DISCLOSURES |
| The company owns 100% of the issued ordinary share capital of Wisdom (Jamaica) Limited, a company incorporated in Jamaica. |
| The accounts of Wisdom (Jamaica) Limited have not been consolidated into group accounts, because the directors do not consider the figures to be material. |
| At 31 December 2012, based on draft financial statements, Wisdom (Jamaica) Limited had net assets of £32,000 and made a loss of £34,000. No information is available for the year ended 31 December 2024. |
| Proceedings have commenced for the winding up of Wisdom (Jamaica) Limited. |
| During the year sales of £169,719 (2023: £178,006) were made to a company with common control. At the year end the amount due from this company was £260,437 (2023: £14,370). The balance is interest free and repayable on demand. |
| 25. | ULTIMATE CONTROLLING PARTY |
| Following the repurchase and subsequent cancellation of 50,000 ordinary shares, S Larder became the ultimate controlling party. There was no ultimate controlling party in the preceding year. |