| REGISTERED NUMBER: 07282552 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| W T Lichfield Limited |
| REGISTERED NUMBER: 07282552 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| W T Lichfield Limited |
| W T Lichfield Limited (Registered number: 07282552) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 6 |
| Report of the Independent Auditors | 9 |
| Consolidated Statement of Comprehensive Income | 13 |
| Consolidated Balance Sheet | 14 |
| Company Balance Sheet | 16 |
| Consolidated Statement of Changes in Equity | 17 |
| Company Statement of Changes in Equity | 18 |
| Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Cash Flow Statement | 20 |
| Notes to the Consolidated Financial Statements | 22 |
| W T Lichfield Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| 6 Lichfield Street |
| Burton-on-Trent |
| Staffordshire |
| DE14 3RD |
| W T Lichfield Limited (Registered number: 07282552) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report of the Group for the year ended 31 December 2024. |
| The Group is engaged in the sale of building materials and hire of construction equipment in the Midlands Region. There have been no changes to the Group's activities in the year under review. |
| REVIEW OF BUSINESS |
| The Consolidated Statement of Comprehensive Income is set out on page 13 and shows turnover of £51m (2023: £55.3m) and profit on ordinary activities before taxation for the year of £1.3m (2023: £2.9m). Turnover has decreased by 7.8% when compared with the prior year and the profit before tax is 55% lower than the prior year. These results reflect very challenging market conditions during 2024. A reduction in construction activity resulted in an increased level of competition and a decrease of gross profit margin of 0.75% in comparison with the prior year. This has resulted in a reduction in profit on ordinary activities before tax. |
| The subsidiary company, Walter Tipper,Limited is accounted for under merger accounting, as a consequence of which these financial statements for W T Lichfield Limited are presented as consolidated financial statements and accordingly reflect the combined activities of the Group for the year ended 31 December 2024 and the comparative year ended 31 December 2023. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The builders merchants sector in the Midlands remains highly competitive. The Group seeks to manage the risk of losing business to competitors by retaining a diverse customer base, delivering outstanding levels of customer service and maintaining strong relationships. The Group seeks to retain profitability through careful margin control and close management of the Group's cost base. The Group has minimal exposure to foreign transactions and limited exposure to movement in interest rates. |
| The Group has long standing relationships with suppliers that have helped mitigate some of the potential disruption and reductions in the overall market activity also eased pressure on the supply chain. |
| The Group's credit risk is primarily attributable to its trade debtors. Credit risk is treated as a priority by the management team. Credit checking and monitoring is performed across all customers which alongside credit insurance are the tools used to manage this risk to the Group. |
| The Group monitors cashflow closely and has a strong liquidity position. The continued growth of the business will require on-going investment, and the Group has put in place the right funding structures to support this growth. |
| 2024 was a severely challenging year for construction and the sector. The sector has stabilised in 2025 and we have experienced modest like for like growth. The Group is well placed to face adverse trading conditions in terms of cash position, diverse customer base and dynamic and flexible management. |
| W T Lichfield Limited (Registered number: 07282552) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP |
| The likely consequences of any decision in the long term |
| The board have combined experience of over 130 years experience in the industry, the majority of which has been spent working for the Group. This understanding and experience combined with a strategy that focuses on long-term stability and growth rather than short-term gain ensures that all decisions focus on a positive long-term benefit to the Group and its stakeholders. |
| The interests of the Group's employees |
| The Group recognises that the success of the business depends on attracting, retaining, engaging and motivating employees. The Group policies are designed to ensure recruitment, promotion and opportunities for training, pay and benefits are not discriminatory, confirming the equal treatment of individuals. |
| It is the policy of the Group to ensure no applicants or existing employees are discriminated due to disabilities and that equal opportunities are given in regards to employment, training and career path development. |
| In the event of an employee of the Group becoming disabled, every practical effort made to ensure that their employment with the Group continues and that appropriate training is arranged as needed. |
| The need to foster the Group's business relationships with suppliers, customers and others |
| Customer engagement is fostered at our local depots, where depot managers are able to gather and feedback customer's views to management, in order to guide product decisions and service offering to improve end user value and service. Senior management invest significant time in building and enhancing strong relationships with customers and this ethos is at the heart of the business. |
| Fostering strong relationships with our suppliers is a priority of the Group, as it has allowed us to adapt to customers' needs through the uncertainty created in the current trading environment, ensuring value can be added to our customers experience where possible. This is done through regular contact with key suppliers and supplier conferences. |
| Employees |
| The Group consults with employees, through appropriate channels, with respect to matters likely to affect their interests. The Directors engage in daily communication with branch managers and regional managers to ensure that information can be shared with staff and that there is an opportunity for staff to provide feedback. Furthermore, the Directors operate an open door policy and foster a culture of transparency and openness to encourage all members of staff to engage with them. The directors are committed to furthering the development of communication strategies with employees. |
| Disabled Employees |
| It is Group policy to give full and fair consideration to the employment needs of disabled persons and to comply with any legislation relating to disabled persons, and to assist in their training and career development. |
| Local communities |
| W T Lichfield Limited (Registered number: 07282552) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| The Group recognises its role and responsibilities toward local communities. All branches are encouraged to support local communities through engagement, such as by sponsoring organisations, sports teams or donating materials to projects. |
| The Group actively supports a number of local charities; it makes significant regular donations to Acorns Children's Hospice and St Giles Hospice. This support allows each charity to employ an additional nurse full time to support those in need, the St Giles nurse is a respite nurse who's role is designed to give carers the opportunity to have some time off. |
| The Group is also a platinum sponsor of Derby Mountain Rescue Team which supports their work helping the local community and to Edwards Trust to support their work with bereaved families. |
| The impact of the Group's operations on the community and the environment |
| The Group recognises the importance of its environmental responsibilities and has prioritised reducing its carbon footprint through various initiatives such as: |
| - | Replacing its car fleet with fully electric cars; |
| - | Replacing gas heating with low energy air source heat pumps; |
| - | Upgrading building cladding and insulation; |
| - | Updating existing lighting at sites to low energy LED fixtures; |
| - | Installing PV panels at every new depot for energy generation; and |
| - | Replacing diesel forklift trucks with fully electric alternatives. |
| The desirability of the Group maintaining a reputation for high standards of business conduct |
| The Group aims to maintain a reputation for high standards of business conduct, maintaining good relationships with customers and suppliers. The board is updated and monitors compliance with relevant government standards and health and safety legislation. |
| The need to act fairly as between members of the Group |
| When forming and reviewing long-term strategy, the Directors consider the impact on relevant stakeholders. |
| W T Lichfield Limited (Registered number: 07282552) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The Group's key financial performance indicators are turnover, profit on ordinary activities before taxation and EBITDA. |
| 2024 | 2023 |
| £m | £m |
| Turnover | 51.0 | 55.3 |
| Profit on ordinary activities before taxation | 1.3 | 2.9 |
| EBITDA | 2.6 | 5.3 |
| Other key performance indicators |
| In view of the nature of the business, long-term customer relationships are key to the Group. All directors and managers spend time nurturing these relationships by attending social and work related events and through working together in partnership. This helps promote these relationships and ensure that there are strong foundations from which we can continue to build in the future. |
| Staff development and retention is also key to be able to deliver the high level of customer service upon which the businesses customer relationships are built. Stability is important as it creates the environment where long-term relationships can be built. Directors and managers continually assess the training needs of staff to fulfil these aims. Furthermore, the business ensures that there is a constant stream of trainees to build for the future. Where possible staff are promoted from within and many key management positions are filled by people who started as trainees and have developed through the Group. |
| The creation and retention of customer accounts, is carefully monitored to ensure that there is a foundation for growth and that the diverse customer base of the business is retained. Over 1,000 new customer accounts were created in 2024 which were in line with expectations (2023: >1,000). |
| Health and Safety risks are constantly reviewed by the directors. Details from regular branch health and safety meetings and any accidents are reviewed carefully. |
| ON BEHALF OF THE BOARD: |
| W T Lichfield Limited (Registered number: 07282552) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 December 2024 will be £ 367,000 . |
| FUTURE DEVELOPMENTS |
| The Group is actively seeking new relationships with industry professionals who wish to build long lasting relationships with colleagues, customers and the communities they work in. The Group recently acquired three new sites in Shipston on Stour, Southam and Bidford on Avon. We are continuing to actively seek a new site in the Burton on Trent or Swadlincote area. |
| The Group has built significant funding flexibility and is actively seeking the right acquisition opportunities of either existing businesses or suitable sites along with capable and motivated individuals to join the successful team and continue to grow the business. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| ENGAGEMENT WITH EMPLOYEES |
| Details of the Group's engagement with employees is included in the Group Strategic Report. |
| ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
| Details for the Group's engagement with suppliers, customers and other is included in the Group Strategic Report. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2024 to 31 December 2024, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy. |
| Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)', using DEFRA's 2024 and 2023 conversion factors as appropriate. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period. |
| We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations. |
| During the reporting period, Walter Tipper,Limited upgraded lighting in our offices to LED and continued with efficiency servicing of air conditioning systems. There are plans for further air conditioning servicing and purchasing of electric vehicles in 2025. |
| W T Lichfield Limited (Registered number: 07282552) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio. |
| Mandatory SECR Reporting Figures | 2024 | 2023 |
| Total Energy Consumption - Used for Emissions Calculation (kWh) | 7,805,241 | 8,348,343 |
| Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e) | 1,564 | 1,701 |
| Purchased Electricity Emissions, Scope 2 (tCO2e) | 234 | 227 |
| Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e) | 7 | 4 |
| Total Gross Reported Emissions (tCO2e) | 1,805 | 1,933 |
| Area (m2) | 114,720 | 114,720 |
| Intensity Ratio: Area (tCO2e / m2) | 0.0155 | 0.0168 |
| Sales (£m) | 51.0 | 55.3 |
| Intensity Ratio: Sales (tCO2e / £m) | 35.5 | 34.9 |
| Please note, due to rounding, individual figures may not sum to the totals provided. |
| The directors have elected to use two intensity metrics, as outlined in the table above. The directors anticipate that considering these together will provide a more accurate indicator of our growth than a single metric. The intensity metrics will therefore provide a more complete picture of the Group's carbon emissions over time. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| W T Lichfield Limited (Registered number: 07282552) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Bourne & Co, 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 |
| W T Lichfield Limited |
| Opinion |
| We have audited the financial statements of W T Lichfield Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Report of the Independent Auditors to the Members of |
| W T Lichfield Limited |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| W T Lichfield Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows: |
| - | the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
| - | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation; |
| - | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud my occur, by: |
| - | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of suspected and alleged fraud; and |
| - | considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - | performed analytical procedures to identify any unusual or unexpected relationships; |
| - | tested journal entries to identify unusual transactions |
| - | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - | investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - | agreeing financial statement disclosures to underlying supporting documentation; |
| - | reading the minutes of meetings of those charged with governance; |
| - | enquiring of management as to actual and potential litigation and claims; and |
| - | reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
| Report of the Independent Auditors to the Members of |
| W T Lichfield Limited |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. |
| 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 |
| Statutory Auditors |
| 6 Lichfield Street |
| Burton-on-Trent |
| Staffordshire |
| DE14 3RD |
| W T Lichfield Limited (Registered number: 07282552) |
| Consolidated |
| Statement of Comprehensive |
| Income |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £'000 | £'000 | £'000 | £'000 |
| TURNOVER | 50,970 | 55,308 |
| Cost of sales | 34,615 | 37,343 |
| GROSS PROFIT | 16,355 | 17,965 |
| Distribution costs | 1,632 | 1,575 |
| Administrative expenses | 13,750 | 13,588 |
| 15,382 | 15,163 |
| 973 | 2,802 |
| Other operating income | 119 | 72 |
| OPERATING PROFIT | 5 | 1,092 | 2,874 |
| Interest receivable and similar income | 244 | 65 |
| 1,336 | 2,939 |
| Interest payable and similar expenses | 7 | 7 | 19 |
| PROFIT BEFORE TAXATION | 1,329 | 2,920 |
| Tax on profit | 8 | 387 | 881 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
942 |
2,039 |
| Profit attributable to: |
| Owners of the parent | 942 | 2,039 |
| Total comprehensive income attributable to: |
| Owners of the parent | 942 | 2,039 |
| W T Lichfield Limited (Registered number: 07282552) |
| Consolidated Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £'000 | £'000 | £'000 | £'000 |
| FIXED ASSETS |
| Intangible assets | 12 | 1,706 | 423 |
| Tangible assets | 13 | 24,995 | 20,627 |
| Investments | 14 | - | - |
| 26,701 | 21,050 |
| CURRENT ASSETS |
| Stocks | 15 | 8,659 | 9,332 |
| Debtors | 16 | 5,807 | 5,744 |
| Cash at bank and in hand | 3,923 | 2,915 |
| 18,389 | 17,991 |
| CREDITORS |
| Amounts falling due within one year | 17 | 10,408 | 5,154 |
| NET CURRENT ASSETS | 7,981 | 12,837 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
34,682 |
33,887 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
- |
(77 |
) |
| PROVISIONS FOR LIABILITIES | 23 | (1,480 | ) | (1,183 | ) |
| NET ASSETS | 33,202 | 32,627 |
| W T Lichfield Limited (Registered number: 07282552) |
| Consolidated Balance Sheet - continued |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £'000 | £'000 | £'000 | £'000 |
| CAPITAL AND RESERVES |
| Called up share capital | 24 | - | - |
| Revaluation reserve | 1,628 | 1,662 |
| Capital redemption reserve | 475 | 475 |
| Other reserves | (682 | ) | (682 | ) |
| Retained earnings | 31,781 | 31,172 |
| SHAREHOLDERS' FUNDS | 33,202 | 32,627 |
| The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2025 and were signed on its behalf by: |
| J W Tipper - Director |
| W T Lichfield Limited (Registered number: 07282552) |
| Company Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £'000 | £'000 |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 24 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | - | - |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| W T Lichfield Limited (Registered number: 07282552) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £'000 | £'000 | £'000 |
| Balance at 1 January 2023 | - | 29,749 | 1,696 |
| Changes in equity |
| Dividends | - | (650 | ) | - |
| Total comprehensive income | - | 2,073 | (34 | ) |
| Balance at 31 December 2023 | - | 31,172 | 1,662 |
| Changes in equity |
| Dividends | - | (367 | ) | - |
| Total comprehensive income | - | 976 | (34 | ) |
| Balance at 31 December 2024 | - | 31,781 | 1,628 |
| Capital |
| redemption | Other | Total |
| reserve | reserves | equity |
| £'000 | £'000 | £'000 |
| Balance at 1 January 2023 | 475 | (682 | ) | 31,238 |
| Changes in equity |
| Dividends | - | - | (650 | ) |
| Total comprehensive income | - | - | 2,039 |
| Balance at 31 December 2023 | 475 | (682 | ) | 32,627 |
| Changes in equity |
| Dividends | - | - | (367 | ) |
| Total comprehensive income | - | - | 942 |
| Balance at 31 December 2024 | 475 | (682 | ) | 33,202 |
| W T Lichfield Limited (Registered number: 07282552) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £'000 | £'000 | £'000 |
| Balance at 1 January 2023 |
| Changes in equity |
| Balance at 31 December 2023 |
| Changes in equity |
| Balance at 31 December 2024 |
| W T Lichfield Limited (Registered number: 07282552) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £'000 | £'000 |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 4,739 | 5,258 |
| Interest paid | - | (12 | ) |
| Interest element of hire purchase payments paid |
(7 |
) |
(7 |
) |
| Tax paid | (295 | ) | (585 | ) |
| Net cash from operating activities | 4,437 | 4,654 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (1,398 | ) | - |
| Purchase of tangible fixed assets | (6,600 | ) | (2,394 | ) |
| Sale of tangible fixed assets | 357 | 259 |
| Interest received | 244 | 65 |
| Net cash from investing activities | (7,397 | ) | (2,070 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (202 | ) | (198 | ) |
| Equity dividends paid | (367 | ) | (650 | ) |
| Net cash from financing activities | (569 | ) | (848 | ) |
| (Decrease)/increase in cash and cash equivalents | (3,529 | ) | 1,736 |
| Cash and cash equivalents at beginning of year |
2 |
2,915 |
1,179 |
| Cash and cash equivalents at end of year |
2 |
(614 |
) |
2,915 |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Profit before taxation | 1,329 | 2,920 |
| Depreciation charges | 2,131 | 2,115 |
| Profit on disposal of fixed assets | (142 | ) | (40 | ) |
| Other reconciling items | 1 | 5 |
| Finance costs | 7 | 19 |
| Finance income | (244 | ) | (65 | ) |
| 3,082 | 4,954 |
| Decrease in stocks | 673 | 710 |
| (Increase)/decrease in trade and other debtors | (13 | ) | 226 |
| Increase/(decrease) in trade and other creditors | 997 | (632 | ) |
| Cash generated from operations | 4,739 | 5,258 |
| 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 | 3,923 | 2,915 |
| Bank overdrafts | (4,537 | ) | - |
| (614 | ) | 2,915 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £'000 | £'000 |
| Cash and cash equivalents | 2,915 | 1,179 |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £'000 | £'000 | £'000 |
| Net cash |
| Cash at bank and in hand | 2,915 | 1,008 | 3,923 |
| Bank overdrafts | - | (4,537 | ) | (4,537 | ) |
| 2,915 | (3,529 | ) | (614 | ) |
| Debt |
| Finance leases | (279 | ) | 202 | (77 | ) |
| (279 | ) | 202 | (77 | ) |
| Total | 2,636 | (3,327 | ) | (691 | ) |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| W T Lichfield Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. |
| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). |
| The financial statements are prepared on the going concern basis. |
| The financial statements are prepared in Sterling which is the functional currency of the Group. |
| The financial statements level of rounding is to the nearest £1k. |
| Basis of consolidation |
| W T Lichfield Limited's financial statements are accounted for under merger accounting, as a consequence of which these financial statements are presented as consolidated financial statements and accordingly reflect the combined activities of W T Lichfield Limited and Walter Tipper,Limited for the year ended 31 December 2024 and the comparative year ended 31 December 2023. The difference arising between the nominal value of the shares issued and the nominal value of the shares received in exchange is shown as a movement in other reserves. |
| The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. |
| Sale of goods |
| Revenue from the sales of building materials is recognised at the point of sale in the Group's premises or when delivered to the customer's premises, the amount can be measured reliably. It is probable the Group will receive consideration and costs incurred in resect of the transactions can be measured reliably, |
| Hire of equipment |
| Revenue is recognised in the period in which the equipment is hired on the basis it is probable the Group will receive consideration and costs incurred in respect of the transactions can be measured reliably. |
| Goodwill |
| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquirer at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
| Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life. The Directors have assessed the economic benefit of Goodwill to be ten years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| The Group used the transitional exemption FRS 102 paragraph 35.10 to use the valuation of freehold property as deemed cost. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful life as follows: |
| Freehold property | - | 2% straight line |
| Long-term leasehold property | - | 2% straight line |
| Plant and machinery | - | 25% - 50% reducing balance on a monthly basis |
| Fixtures and fittings | - | 25% reducing balance on a monthly basis |
| IT equipment and software | - | 25% reducing balance on a monthly basis |
| Motor vehicles | - | 25% reducing balance on a monthly basis |
| Property refurbishments | - | 10% - 20% straight line |
| Plant hire equipment | - | 12.5% - 50% straight line |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Impairment of fixed assets and goodwill |
| Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is an indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds it's recoverable amount. The recoverable amount is the higher of an asset's (or CGYU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, asset's are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously been impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses in prior periods may no longer exist or may have decreased. |
| Stocks |
| Stocks are stated at the lower of cost and net releasable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to it's selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income. |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors |
| Short term debtors are measured at transaction price, less impairment. |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and measured subsequently at amortised cost using the effective interest method. |
| Provisions for liabilities |
| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured. at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| 3. | CRITICAL ACCOUNTING 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 for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. |
| The directors consider that the following estimates and judgements are likely to have the most significant effect on the amounts recognised in the financial statements. |
| Estimation of useful life |
| The charge in respect of periodic depreciation and amortisation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness. |
| Stock provisioning |
| Determining stock provisioning involves estimating the recoverable amount of stock held by the Group. Calculating the recoverable amount of stock requires a degree of estimation in terms of the likely demand for individual stock items. Management monitor demand very closely and continue to ensure any changes in the market are appropriately reflected. |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Wages and salaries | 7,128 | 6,980 |
| Social security costs | 647 | 618 |
| Other pension costs | 600 | 653 |
| 8,375 | 8,251 |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Management and administration |
| 31.12.23 | 31.12.22 |
| £'000 | £'000 |
| Directors' emoluments | 52 | 55 |
| Company contributions to defined contribution pension schemes | 60 | 60 |
| 112 | 115 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Other operating leases | 79 | 103 |
| Depreciation - owned assets | 2,017 | 2,004 |
| Profit on disposal of fixed assets | (142 | ) | (40 | ) |
| Goodwill amortisation | 115 | 116 |
| 6. | AUDITORS' REMUNERATION |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
19 |
19 |
| Taxation compliance services | 2 | 2 |
| Other non- audit services | 1 | 3 |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Interest on underpaid tax | - | 12 |
| Lease interest and charges | 7 | 7 |
| 7 | 19 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Current tax: |
| UK corporation tax | 90 | 702 |
| Deferred tax | 297 | 179 |
| Tax on profit | 387 | 881 |
| 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: |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Profit before tax | 1,329 | 2,920 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.520 %) |
332 |
687 |
| Effects of: |
| Expenses not deductible for tax purposes | 18 | 35 |
| Capital allowances in excess of depreciation | (125 | ) | (20 | ) |
| Deferred taxation origination and reversal of temporary differences | 162 |
179 |
| Total tax charge | 387 | 881 |
| 9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | DIVIDENDS |
| 2024 | 2023 |
| £'000 | £'000 |
| Dividends paid to minority shareholders by subsidiary undertakings | 367 | 650 |
| 367 | 650 |
| 11. | PARENT COMPANY PROFIT FOR THE YEAR |
| The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £nil (2023: £NIL). |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £'000 |
| COST |
| At 1 January 2024 | 1,229 |
| Additions | 1,398 |
| At 31 December 2024 | 2,627 |
| AMORTISATION |
| At 1 January 2024 | 806 |
| Amortisation for year | 115 |
| At 31 December 2024 | 921 |
| NET BOOK VALUE |
| At 31 December 2024 | 1,706 |
| At 31 December 2023 | 423 |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Plant, |
| machinery |
| Freehold | Long | and motor |
| property | leasehold | vehicles |
| £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 | 12,714 | 2,759 | 11,064 |
| Additions | 4,144 | 160 | 1,669 |
| Disposals | - | - | (839 | ) |
| At 31 December 2024 | 16,858 | 2,919 | 11,894 |
| DEPRECIATION |
| At 1 January 2024 | 2,363 | 1,014 | 7,725 |
| Charge for year | 154 | 55 | 888 |
| Eliminated on disposal | - | - | (728 | ) |
| At 31 December 2024 | 2,517 | 1,069 | 7,885 |
| NET BOOK VALUE |
| At 31 December 2024 | 14,341 | 1,850 | 4,009 |
| At 31 December 2023 | 10,351 | 1,745 | 3,339 |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures | Plant |
| and | hire | Computer |
| fittings | equipment | equipment | Totals |
| £'000 | £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 | 2,266 | 7,039 | 197 | 36,039 |
| Additions | 248 | 285 | 94 | 6,600 |
| Disposals | - | (510 | ) | - | (1,349 | ) |
| At 31 December 2024 | 2,514 | 6,814 | 291 | 41,290 |
| DEPRECIATION |
| At 1 January 2024 | 1,336 | 2,848 | 126 | 15,412 |
| Charge for year | 187 | 712 | 21 | 2,017 |
| Eliminated on disposal | - | (406 | ) | - | (1,134 | ) |
| At 31 December 2024 | 1,523 | 3,154 | 147 | 16,295 |
| NET BOOK VALUE |
| At 31 December 2024 | 991 | 3,660 | 144 | 24,995 |
| At 31 December 2023 | 930 | 4,191 | 71 | 20,627 |
| Assets held under finance leases or hire purchase contracts provide security for the specific finance lease and hire purchase liabilities. |
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: |
| 31.12.23 | 31.12.22 |
| £'000 | £'000 |
| Plant and machinery | 126 | 163 |
| Motor vehicles | 165 | 231 |
| Plant hire equipment | 84 | 101 |
| 375 | 495 |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 14. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £'000 |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 15. | STOCKS |
| Group |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Stocks | 8,659 | 9,332 |
| Write downs of stock to net realisable value recognised during the year in cost of sales amounted to £460k (2022: £465k). |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Trade debtors | 4,378 | 4,418 |
| Other debtors | 24 | 20 |
| Tax | 50 | - |
| Prepayments and accrued income | 1,355 | 1,306 |
| 5,807 | 5,744 |
| An impairment loss of £109k (2023: £123k) has been recognised against trade debtors. |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Bank loans and overdrafts (see note 19) | 4,537 | - |
| Hire purchase contracts (see note 20) | 77 | 202 |
| Trade creditors | 3,981 | 3,610 |
| Tax | - | 155 |
| Social security and other taxes | 409 | 697 |
| Other creditors | 1,009 | 87 |
| Accrued expenses | 395 | 403 |
| 10,408 | 5,154 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Hire purchase contracts (see note 20) | - | 77 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Amounts falling due within one year or | on demand: |
| Bank overdrafts | 4,537 | - |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Net obligations repayable: |
| Within one year | 77 | 202 |
| Between one and five years | - | 77 |
| 77 | 279 |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 20. | LEASING AGREEMENTS - continued |
| Group |
| Non-cancellable | operating leases |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Within one year | 10 | 38 |
| Between one and five years | - | 10 |
| 10 | 48 |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Bank overdraft | 4,537 | - |
| Hire purchase contracts | 77 | 279 |
| 4,614 | 279 |
| The bank possess a fixed and floating charge over the company's property at Europa Way, Lichfield and other assets owned by the company. |
| Obligations under finance lease and hire purchase contracts are secured against the tangible fixed assets to which they relate. |
| 22. | FINANCIAL INSTRUMENTS |
| Financial assets that are measured at amortised cost comprise of cash at bank and in hand, trade debtors and other debtors. |
| Financial liabilities that are measured at amortised cost comprise bank loans, trade creditors, obligations under finance lease and hire purchase contracts, other creditors and accruals and deferred income. |
| 23. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Deferred tax | 1,480 | 1,183 |
| W T Lichfield Limited (Registered number: 07282552) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 23. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £'000 |
| Balance at 1 January 2024 | 1,183 |
| Provided during year | 297 |
| Balance at 31 December 2024 | 1,480 |
| 24. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | £0.01 | 1 | 1 |
| 25. | PENSION COMMITMENTS |
| The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension charge recognised as an expense in the Statement of Comprehensive Income amounted to £600k (2023: £653k). Contributions amounting to £48k (2023: £48k) were payable to the fund and are included in creditors. |
| 26. | CAPITAL COMMITMENTS |
| 31.12.24 | 31.12.23 |
| £'000 | £'000 |
| Contracted but not provided for in the |
| financial statements | 60 | - |
| 27. | RELATED PARTY DISCLOSURES |
| During the year, dividends totalling £262k (2023: £440k) were paid to directors who are either directors of the Group or its subsidiary undertaking, Walter Tipper,Limited. |
| During the year, the Group paid £32k (2023: £32k) as a rental charge for a trading property owned by a Self-Invested Personal Pension (SIPP) scheme. W A Tipper, J W Tipper and A J Tipper are the beneficiaries of this pension scheme. |
| At the balance sheet date, the Group owed £nil (2023: £nil) to this pension scheme, |
| 28. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is The Tipper Family Jersey Law Settlement Trust. |