Company registration number 04105474 (England and Wales)
M. WRIGHT & SONS LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
29 NOVEMBER 2024
M. WRIGHT & SONS LIMITED
COMPANY INFORMATION
Directors
G M F Wright
G L Fisher
C G Maltby
M E Carver
Secretary
M E Carver
Company number
04105474
Registered office
Quorn Mills
Quorn
Loughborough
Leicestershire
LE12 8FZ
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Quorn Mills
Quorn
Loughborough
Leicestershire
LE12 8FZ
Bankers
Lloyds Bank plc
37/38 High Street
Loughborough
Leicester
LE11 2QG
Solicitors
Gateley
58 The Ropewalk
Nottingham
NG1 5DW
M. WRIGHT & SONS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
M. WRIGHT & SONS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 1 -

The directors present their strategic report for the period ended 29 November 2024.

Review of the business

The principal activity of the business continues to be that of manufacturing textiles.

 

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its' position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

 

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, operating profit and net profit. During the year, turnover decreased by 19.6%. Operating losses were made this year of £340,487 (2023 - £69,356 loss). A loss before tax has been made of £352,242 (2023 - £85,294 loss). After taxation, £193,055 (2023 - £366,309) has been deducted from reserves.

 

We continually monitor the principal risks and uncertainties of the business and seek to mitigate any such risks. In light of the competitive nature of the industry, changes are implemented where deemed appropriate to retain market share and maintain margins.

 

During the year, the company has not identified any significant change in the competition environment, but that will continue to be monitored, especially in the post-Covid business environment. The global business and economic situation will continue to be challenging, but the company has implemented a recovery strategy to secure the position of the business. The prevailing inflationary pressures and increasing costs continue to be challenging to the business, but these are being monitored closely on a continual basis throughout the year.

 

In light of the current economic climate and competitive nature of the industry, the results for the year and the financial position at the year end were considered satisfactory by the directors who believe that the company is well placed to react quickly to any changes in trading conditions and to take advantage of any business opportunities that may arise.

On behalf of the board

M E Carver
Director
12 June 2025
M. WRIGHT & SONS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 2 -

The directors present their report and financial statements for the period ended 29 November 2024.

Directors

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

G M F Wright
G L Fisher
C G Maltby
M E Carver

In accordance with the company's Articles of Association, G M F Wright and G L Fisher retire by rotation and, being eligible, offer themselves for re-election.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors' interests

The directors' interests in the shares of the company were as stated below:

A Ordinary shares of £1 each
29 November 2024
1 December 2023
G M F Wright
-
-
G L Fisher
-
-
C G Maltby
23,200
23,200
M E Carver
-
-
B Ordinary shares of £1 each
29 November 2024
1 December 2023
G M F Wright
237,488
237,488
G L Fisher
-
-
C G Maltby
-
-
M E Carver
-
-
C Ordinary shares of £1 each
29 November 2024
1 December 2023
G M F Wright
-
-
G L Fisher
-
-
C G Maltby
-
-
M E Carver
-
-

C G Maltby is a beneficiary of the Georgina Maltby family trust which owns 201,088 A Ordinary shares of £1 each.

Research and development
Continued research and development is entered into by the company to ensure that innovative and new products are available to the market.  Furthermore, research has continued into carbon fibre development and other projects during the year on which there have been grants which contribute towards costs.
M. WRIGHT & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 3 -
Statement of directors' responsibilities

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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 of disclosure to auditor

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

On behalf of the board
M E Carver
Director
12 June 2025
M. WRIGHT & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M. WRIGHT & SONS LIMITED
- 4 -
Opinion

We have audited the financial statements of M. Wright & Sons Limited (the 'company') for the period ended 29 November 2024 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

M. WRIGHT & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M. WRIGHT & SONS LIMITED
- 5 -
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 Directors' Report.

 

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor's responsibilities for the audit of the financial statements

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

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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the company.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

M. WRIGHT & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M. WRIGHT & SONS LIMITED
- 6 -
Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

M. WRIGHT & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M. WRIGHT & SONS LIMITED
- 7 -
John Griffin FCCA
Senior Statutory Auditor
For and on behalf of Newby Castleman LLP
23 June 2025
Chartered Accountants
Statutory Auditor
West Walk Building
110 Regent Road
Leicester
LE1 7LT
M. WRIGHT & SONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 8 -
Period
Period
ended
ended
29 November
1 December
2024
2023
Notes
£
£
Turnover
3
3,877,358
4,822,395
Cost of sales
(2,953,806)
(3,426,392)
Gross profit
923,552
1,396,003
Distribution costs
(59,199)
(73,866)
Administrative expenses
(1,658,295)
(1,633,229)
Other operating income
453,455
241,736
Operating loss
4
(340,487)
(69,356)
Interest receivable and similar income
7
4,722
4,180
Interest payable and similar expenses
8
(16,477)
(20,118)
Loss before taxation
(352,242)
(85,294)
Taxation
9
89,604
(262,265)
Loss for the financial period
(262,638)
(347,559)

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

M. WRIGHT & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 9 -
Period
Period
ended
ended
29 November
1 December
2024
2023
£
£
Loss for the period
(262,638)
(347,559)
Other comprehensive income
Revaluation of tangible fixed assets
-
0
(25,000)
Tax relating to other comprehensive income
69,583
6,250
Other comprehensive income for the period
69,583
(18,750)
Total comprehensive income for the period
(193,055)
(366,309)
M. WRIGHT & SONS LIMITED
BALANCE SHEET
AS AT
29 NOVEMBER 2024
29 November 2024
- 10 -
29 November 2024
1 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,460,950
1,513,907
Current assets
Stocks
13
2,133,485
2,416,262
Debtors
14
970,604
911,728
Cash at bank and in hand
627,803
613,320
3,731,892
3,941,310
Creditors: amounts falling due within one year
15
(1,105,487)
(1,001,526)
Net current assets
2,626,405
2,939,784
Total assets less current liabilities
4,087,355
4,453,691
Creditors: amounts falling due after more than one year
16
(59,583)
(124,583)
Provisions for liabilities
Deferred tax liability
19
-
0
108,281
-
0
(108,281)
Net assets
4,027,772
4,220,827
Capital and reserves
Called up share capital
21
532,176
532,176
Revaluation reserve
22
970,102
898,458
Profit and loss reserves
23
2,525,494
2,790,193
Total equity
4,027,772
4,220,827

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
G M F Wright
Director
Company registration number 04105474 (England and Wales)
M. WRIGHT & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 3 December 2022
532,176
915,147
3,139,813
4,587,136
Period ended 1 December 2023:
Loss for the period
-
-
(347,559)
(347,559)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(25,000)
-
(25,000)
Tax relating to other comprehensive income
-
6,250
-
0
6,250
Total comprehensive income for the period
-
(18,750)
(347,559)
(366,309)
Transfers
-
2,061
(2,061)
-
Balance at 1 December 2023
532,176
898,458
2,790,193
4,220,827
Period ended 29 November 2024:
Loss for the period
-
-
(262,638)
(262,638)
Other comprehensive income:
Tax relating to other comprehensive income
-
69,583
-
0
69,583
Total comprehensive income for the period
-
69,583
(262,638)
(193,055)
Transfers
-
2,061
(2,061)
-
Balance at 29 November 2024
532,176
970,102
2,525,494
4,027,772
M. WRIGHT & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
113,117
(136,687)
Interest paid
(16,477)
(20,118)
Income taxes refunded
-
0
7,416
Net cash inflow/(outflow) from operating activities
96,640
(149,389)
Investing activities
Purchase of tangible fixed assets
(8,413)
(51,036)
Proceeds from disposal of tangible fixed assets
500
-
0
Interest received
4,722
4,180
Net cash used in investing activities
(3,191)
(46,856)
Financing activities
Repayment of bank loans
(65,000)
(65,000)
Payment of finance leases obligations
(13,966)
(27,172)
Net cash used in financing activities
(78,966)
(92,172)
Net increase/(decrease) in cash and cash equivalents
14,483
(288,417)
Cash and cash equivalents at beginning of period
613,320
901,737
Cash and cash equivalents at end of period
627,803
613,320
M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 13 -
1
Accounting policies
Company information

M. Wright & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quorn Mills, Quorn, Loughborough, Leicestershire, LE12 8FZ.

1.1
Basis of preparation

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

 

The financial statements are drawn up to the nearest Friday to 30 November. The comparative period is for the 52 weeks ended 1 December 2023.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods supplied in the course of the company's trade (net of VAT). Turnover is recognised on the date that goods are despatched as this is the point that all risks and rewards are deemed to be transferred.

1.4
Research and development expenditure

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

1.5
Tangible fixed assets

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

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

Freehold buildings
2% per annum of valuation
Plant and machinery
10-20% per annum of cost
Fixtures, fittings & equipment
10-20% per annum of cost
Motor vehicles
20% per annum of cost

No depreciation is provided in respect of freehold land.

1.6
Fixed asset investments

Interests in subsidiaries are measured at cost less any accumulated impairment losses.

M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost method and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.9
Financial instruments

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

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 

Bank loans are initially measured at transaction price and subsequently measured at amortised cost using

the effective interest method.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

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

M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account .

1.16

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The results of the subsidiary undertaking are immaterial to the group. The company has therefore taken advantage of the exemptions provided by Section 402 of the Companies Act 2006 not to prepare group accounts.

2
Judgements and key sources of estimation uncertainty

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

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

Provision is made for damaged, obsolete and slow moving stock where appropriate. This requires estimation of anticipated future sales of finished goods and raw materials.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover
Sale of goods
3,877,358
4,822,395
Other revenue
Interest income
4,722
4,180
Grants received
86,435
46,048
Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
2,929,398
3,237,828
Overseas
947,960
1,584,567
3,877,358
4,822,395
4
Operating loss
2024
2023
Operating loss for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
7,887
(1,582)
Research and development costs
345,593
341,395
Government grants
(86,435)
(46,048)
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
12,000
Depreciation of owned tangible fixed assets
61,370
62,843
Depreciation of tangible fixed assets held under finance leases
-
8,958
Profit on disposal of tangible fixed assets
(500)
-
Operating lease charges
11,004
11,110
M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 17 -
5
Employees

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

2024
2023
Number
Number
Management and administration
8
10
Production
48
46
Sales
2
1
58
57

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,774,284
1,706,198
Social security costs
173,780
161,140
Pension costs
118,236
109,229
2,066,300
1,976,567
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
232,814
225,806
Company pension contributions to defined contribution schemes
27,444
26,498
260,258
252,304

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
123,570
120,247
Company pension contributions to defined contribution schemes
14,304
13,942
M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 18 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,722
4,180

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
4,722
4,180
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
16,432
19,268
Other finance costs:
Interest on finance leases and hire purchase contracts
45
850
16,477
20,118
M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 19 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(50,906)
(14,324)
Deferred tax
Origination and reversal of timing differences
(38,698)
276,589
Total tax (credit)/charge
(89,604)
262,265

From 1 April 2023, the UK corporation tax rate increased from 19% to 25%. The prior year rate is pro-rated accordingly.

The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(352,242)
(85,294)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.04%)
(88,061)
(19,652)
Tax effect of expenses that are not deductible in determining taxable profit
133
623
Tax effect of income not taxable in determining taxable profit
(246)
-
0
Change in unrecognised deferred tax assets
38,165
299,137
Research and development tax credit
(39,595)
(16,052)
Super deduction
-
0
(23)
Change in deferred tax rate
-
0
(2,258)
Chargeable gains
-
0
490
Taxation for the period
(89,604)
262,265

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(69,583)
(6,250)
M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 20 -
10
Tangible fixed assets
Freehold land & buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 2 December 2023
1,275,000
2,663,726
159,070
39,509
4,137,305
Additions
-
0
8,413
-
0
-
0
8,413
Disposals
-
0
(6,200)
-
0
-
0
(6,200)
At 29 November 2024
1,275,000
2,665,939
159,070
39,509
4,139,518
Depreciation and impairment
At 2 December 2023
-
0
2,446,029
158,505
18,864
2,623,398
Depreciation charged in the period
-
0
53,184
284
7,902
61,370
Eliminated in respect of disposals
-
0
(6,200)
-
0
-
0
(6,200)
At 29 November 2024
-
0
2,493,013
158,789
26,766
2,678,568
Carrying amount
At 29 November 2024
1,275,000
172,926
281
12,743
1,460,950
At 1 December 2023
1,275,000
217,697
565
20,645
1,513,907

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
-
0
62,705
Depreciation charge for the period in respect of leased assets
-
0
8,958

Professional valuations for the freehold land and buildings were carried out on 30 November 2023 by Berrys Chartered Surveyors at fair value. The directors consider that this valuation is not materially different to the current year end valuation.true

Freehold land and buildings are carried at valuation. If freehold land and buildings were measured using the cost model, the carrying amounts would have been as follows:

2024
2023
£
£
Cost
346,836
346,836
Accumulated depreciation
41,938
39,877
Carrying value
304,898
306,959
M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 21 -
11
Fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 2 December 2023 & 29 November 2024
1
Impairment
At 2 December 2023 & 29 November 2024
1
Carrying amount
At 29 November 2024
-
0
At 1 December 2023
-
0
12
Subsidiaries

Details of the company's subsidiaries at 29 November 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
C. Lilley & Sons Limited
England & Wales
Dormant
Ordinary
100.00
0

The registered address of the above subsidiary is the same as the company's registered office address as given in the company information page of these financial statements.

13
Stocks
2024
2023
£
£
Raw materials and consumables
1,277,856
1,632,285
Work in progress
498,315
489,789
Finished goods and goods for resale
357,314
294,188
2,133,485
2,416,262
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
884,024
875,986
Corporation tax recoverable
65,230
14,324
Other debtors
724
3,101
Prepayments and accrued income
20,626
18,317
970,604
911,728
M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 22 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
65,000
65,000
Obligations under finance leases
18
-
0
13,966
Trade creditors
811,878
758,708
Amounts due to subsidiary undertakings
20,000
20,000
Other taxation and social security
134,015
54,679
Other creditors
40,179
40,229
Accruals and deferred income
34,415
48,944
1,105,487
1,001,526
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
59,583
124,583
17
Loans and overdrafts
2024
2023
£
£
Bank loans
124,583
189,583
Payable within one year
65,000
65,000
Payable after one year
59,583
124,583

The bank loan relates to a Coronavirus Business Interruption Loan and is to be repaid by October 2026 at an interest rate of 2.19% per annum. There are no securities imposed on the company by the lender.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
13,966

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

M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 23 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon following the results for the period ending 1 December 2023:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
31,840
42,905
Tax losses
(96,022)
-
0
Property revaluations
69,584
69,583
Other timing differences
(5,402)
(4,207)
-
0
108,281
2024
Movements in the period:
£
Liability at 2 December 2023
108,281
Credit to profit or loss
(38,698)
Credit to other comprehensive income
(69,583)
Liability at 29 November 2024
-
0
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,229
105,906

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
247,488 A Ordinary shares of £1 each
247,488
247,488
283,888 B Ordinary shares of £1 each
283,888
283,888
800 C Ordinary shares of £1 each
800
800
532,176
532,176

All shares have equal rights. There are no preferences or restrictions attached to each class.

M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 24 -
22
Revaluation reserve

The revaluation reserve comprises a revaluation surplus for the freehold property.

23
Profit and loss reserves

The profit and loss reserves comprise retained profits and losses for the current and prior periods.

24
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
9,086
13,828
Between two and five years
8,325
16,686
17,411
30,514
25
Related party transactions
Transactions with related parties

Management charges of £3,000 (2023 - £3,000) were received from entities under the control of key management personnel in the period.

26
Ultimate controlling party

There is no ultimate controlling party.

27
Cash generated from/(absorbed by) operations
2024
2023
£
£
Loss for the period after tax
(262,638)
(347,559)
Adjustments for:
Taxation (credited)/charged
(89,604)
262,265
Finance costs
16,477
20,118
Investment income
(4,722)
(4,180)
Gain on disposal of tangible fixed assets
(500)
-
Depreciation and impairment of tangible fixed assets
61,370
71,801
Movements in working capital:
Decrease/(increase) in stocks
282,777
(402,255)
(Increase)/decrease in debtors
(7,970)
93,713
Increase in creditors
117,927
169,410
Cash generated from/(absorbed by) operations
113,117
(136,687)
M. WRIGHT & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2024
- 25 -
28
Analysis of changes in net funds
2 December 2023
Cash flows
29 November 2024
£
£
£
Cash at bank and in hand
613,320
14,483
627,803
Borrowings excluding overdrafts
(189,583)
65,000
(124,583)
Obligations under finance leases
(13,966)
13,966
-
0
409,771
93,449
503,220
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