Company registration number 02884681 (England and Wales)
WJ North Limited
Annual report and financial statements
For the period ended 31 March 2025
WJ North Limited
Company information
Directors
Mr W D Johnston
Mr M Webb
Mr N A Holt
(Appointed 24 February 2025)
Mr N Johnson
(Appointed 21 November 2024)
Company number
02884681
Registered office
Unit 7 Brock Way
Knutton
Newcastle Under Lyme
Staffordshire
ST5 6AZ
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
WJ North Limited
Contents
Page
Strategic report
1 - 6
Directors' report
7 - 10
Independent auditor's report
11 - 13
Statement of comprehensive income
14
Statement of financial position
15
Statement of changes in equity
16
Notes to the financial statements
17 - 32
WJ North Limited
Strategic report
For the period ended 31 March 2025
- 1 -

The directors present the strategic report for the period ended 31 March 2025.

 

INTRODUCTION

WJ North Limited (“the company”) was incorporated in 1994 and is a trading subsidiary of WJ (Group) Limited.

The company is part of the WJ Group, the UK’s leading road marking and highway safety business. It delivers high-performance, award-winning solutions to the strategic road network, local authority and private markets. WJ creates safe, sustainable journeys for everyone.

The company provides temporary and permanent road and off highways markings using a wide range of applications and products. We install road studs, both reflective and active (solar). We provide a range of safety related surface treatments, including retexturing, high friction surfacing and pothole repair systems. Our retexturing fleet is the largest in the UK and we have a high friction surface product that is widely used across the strategic road network.

Our Intelligent Traffic Solutions (ITS) division commissions and installs a variety of safety critical systems aimed at temporary works on the highways, including wireless CCTV, stopped vehicle detection, average speed cameras, automatic number plate recognition (ANPR) cameras and air quality monitoring. This division has been strengthened during the period through the acquisition of Sunstone Systems. Sunstone were providers of the autonomous renewable power generation devices that the ITS business uses to power various IoT devices such as ANPR cameras, Average Speed cameras, and traffic monitoring radar. The acquisition created WJ Sunstone which will work independently of the ITS business to continue to market to a diverse range of sectors which require power for connected devices.

The company supports highways authorities managing their road marking assets by surveying and digitising their road marking networks and then providing consultancy services to help them prioritise appropriate treatments.

The company has a Verified Science Based Target to deliver against the Paris Agreement by 2042, based on lowering embodied carbon in our materials to zero, switching to zero emission vehicles as technology allows and off-setting carbon through the planting of a forest.

The company’s transformation into a data driven business, with THI’s support and investment, is continuing following the go live of the second phase of group wide ERP system in March 2024.

Our employees are our most valuable asset and WJ Group provides a supportive, developmental, and inclusive work environment. This period we launched inclusive talent acquisition initiatives, such as the Forces Covenant Agreement and Disability Confident Employer. We strengthened ties with educational institutions and continued leadership development to ensure a sustainable high performing team for the future.

Safety is core to WJ. Our ‘Safer Together’ Strategy, launched in 2025, strives to achieve zero accidents by creating an environment where every employee is empowered to take ownership of their health and safety and that of those around them. The ‘Safer Together’ Strategy focusses on Health and Safety (H&S) priorities across the WJ Group for the next five years ensuring we deliver our works through safe people, safe places and safe processes supported by a culture that acts safely, without compromise.

SOCIAL VALUE INDICATORS

Community is a WJ Core Value. Social Value is tracked by WJ Group using the National TOMs Framework. We track our performance against the Themes, Outcomes and Measures (TOMs) described in the system. These are: Work, the employment opportunities we provide; Economy, where we spend and how that delivers inclusive growth; Community, how we deliver for the communities where we live and work; Planet, that is environmental stewardship and our contribution to this locally and nationally. The numbers generated are then verified by Planet Mark on behalf of Social Value Portal.

WJ North Limited
Strategic report (continued)
For the period ended 31 March 2025
- 2 -
REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period 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.

The financial statements presented are for a period of 14 months rather than 12 months in order to align the period end more appropriately with internal business processes and external customers fiscal years. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as a result.

Turnover for the 14 month period is £68,324,218 and we have achieved a 29.3% gross profit margin on this. Not withstanding the 14 month period vs the prior period of 12 months, turnover increased by over 31% due to a combination of ongoing growth from volume and pricing and expansion into adjacent markets.

The company maintained its focus on working capital management with particular focus on inventory management and debt control.

During the period 1 February 2024 – 31 March 2025 the company has invested £2,434,874 in capital expenditure reflecting an ongoing strategy of maintaining the most modern and technologically advanced plant and machinery, fleet and IT systems in our sector in order to ensure maximum self-delivery and unparalleled customer service. The company invested significantly in IT to allow it to launch a new ERP system which will be key to providing consistent data and driving greater efficiency and operational improvements. Investment decisions are subject to capital appraisal reviews in line with this vision and taking into account the company’s resources and innovation strategy.

Total net assets at the end of the period increased from £24,596,551 to £32,728,572 reflecting the retained profit in the period.

PRINCIPAL RISKS AND UNCERTAINTIES

Government Spending Decisions – the Company recognises that the majority of its income derives from government sources and it plays an active role, through a number of trade bodies and associations, in promoting and developing the safety, effectiveness and sustainability of its products and services in line with evolving Department of Transport and Local Authorities priorities. We believe that Government investment in the UK road infrastructure will be maintained.

Competition – the Company differentiates itself from the competition by continued efforts in R&D and Innovation and a strategy of delivering safer and more sustainable products and services. The wider Group has made strategic investments to develop the UK largest nationwide network and has diversified into adjacent markets and geographies to enable it to stay ahead of the evolving competitor base.

Materials Supply – the Company has developed an internal supply chain for the bulk of the products it uses and has developed strong partnerships in areas where internal production is not possible. The Company works closely with its raw materials supply chains and utilises group buying power to ensure that availability of product is robust and that pricing is sustainable.

Fuel and Energy Prices – the Company is not immune to the impact of rising fuel and energy prices but the effect is mitigated through the maintenance and upgrading of a modern fleet of fuel efficient vehicles and an industry leading driver awareness training programme and incentivisation scheme which leads to improved fuel consumption and a reduction in the Company’s carbon footprint. The Company is registered under the Energy Savings Opportunity Scheme (ESOS) and is committed to reducing energy consumption to both combat price fluctuations but also reinforce our commitment to reducing our carbon footprint.

 

WJ North Limited
Strategic report (continued)
For the period ended 31 March 2025
- 3 -
FINANCIAL INSTRUMENT RISK

Credit Risk – the Company has a broad range of customers including both private companies and public sector bodies. The risk that the Company will suffer from significant levels of bad debt is managed by the diversified customer portfolio and the well established credit control procedures operated across the Company.

Cash Flow Risk – the Company is funded through a combination of Hire Purchase funding and access to funds in the wider Group through a Term Loan, a Revolving Credit Facility and an Acquisition Facility.

Liquidity Risk – the Company is able to meet short and medium term obligations from operational cash generation and in addition has access to in excess of £14m of undrawn committed facilities through the wider Group.

KEY PERFORMANCE INDICATORS

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, gross profit margin and operating profit margin before exceptional items. The success of the company will be reflected in the balance sheet net assets and company liquidity.

14 months ended     Year ended

     31 March 2025 31 January 2024    

Turnover          68,324,218     52,107,022

Gross Profit Margin          29.3%     27.8%

Operating Profit Margin

before exceptional items          12.9%          11.0%

 

Explanation of the key performance indicators detailed above can be found in the review of business section of this report.

NON-FINANCIAL KEY PERFORMANCE INDICATORS

The Company places health and safety as a paramount non-financial key performance indicator. Health and safety statistics are reported to the board on a monthly basis. Whilst all reported accidents are fully investigated the overriding indicator is the number of RIDDOR (“Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013”) reports. During the period 1 February 2024 – 31 March 2025 there was 1 RIDDOR report and in the year 1 February 2023 – 31 January 2024 there was 1 RIDDOR report.

WJ North Limited
Strategic report (continued)
For the period ended 31 March 2025
- 4 -
Section 172(1) Statement

The WJ Group Board believe being a responsible business gives us a social licence to operate. We actively engage our stakeholder community including, employees, suppliers, clients, and communities. Endeavouring through our actions to create shared value through positive contribution to economic, social, and environmental value in the communities we work, live, and serve. In this way contributing to the future sustainable development of the nation and aiding the delivery of the Sustainable Development Goals. Set out briefly here under this S172 Statement, taking into account factors (a) to (f):

(a)    the likely consequences of any decision in the long term.

The WJ Board manage the risks of the prevailing business environment ‘To Deliver Safe Sustainable Journeys for All’ a vision that embodies the ethos of the organisation. WJ have four core values: Safety, Delivery, Innovation and Community. Through delivery of this vision and these values we aim to enhance our position as the leading UK providers of road markings; safety surfacing and retexturing; road marking products and equipment; Intelligent Traffic Solutions, Off Highway and Maritime Surface Preparation, for the long term. WJ are committed to continually improve economic, environmental, and social value for our staff, clients, supply chain and the communities we serve.

At all Board Meetings the Board consider the present position of the WJ Group Companies and how that impacts our stakeholders. We record, maintain, audit and review in our management systems a documented Group Stakeholders Needs and Expectations Analysis. Board Meetings further review current strategy and actively seek opportunities to improve safety, innovation, delivery, and community to continue our success for the benefit of The Group, its stakeholders and wider social licence.

(b)    the interests of the company’s employees.

WJ Board recognise empowered people are fundamental to the success of our business; to delivering successful services meeting the needs our clients; our communities and to the protection and improvement of our environment. To do this we must not only be a responsible employer but a responsive one too; provide industry leading pay and conditions; where our people are safe, treated with fairness, inclusion, and respect; where everyone is valued, invested in, and has an equal opportunity to progress their career.

WJ North Limited
Strategic report (continued)
For the period ended 31 March 2025
- 5 -

Safety is imperative to us and WJ. We research and develop equipment and processes that remove and reduce risks, strive to remove vulnerable road workers from the carriageway and introduce further innovative machinery and processes that protect our people and the travelling public alike. We recognise our interdependence with the environment in which we operate, safe systems are the key to preventing harm. Living our values, employing regular structured and interactive training; from onboarding and teaching essential skills through the entire employment lifecycle at whatever level within the organisation. Through The People Team and the WJ Training Academy considering the whole life wellbeing of our people not just the physical but the mental, financial, and social equally. WJ are active participants in local, sectoral, national, and international work on improving safety and the working environment. The interests of our employees are measured through surveys, encouraged at regular meetings and Sharing Knowledge events. Our long established and continually improved Safety Observation System is designed to capture HSEQ near misses; opportunities for improvement in equipment, systems and behaviours whilst also providing the opportunity to highlight good practice. Regular feedback is given to our people through our ‘You Said, We Did,’ system. Our Voices of Women group are supported as allies in our work to improve equity in our industry along with support for Fairness inclusion and Respect in Construction, the Supplier Diversity Forum, the Race at Work and People Matter Charters. We are further looking to the future through pan industry collaboration with BITC’s Green Skills Lab working on a Just Transition to Net Zero.

(c)    The need to foster the company’s business relationships with suppliers, customers and others.

Business relationships are fundamental to all businesses and in this complex and fast changing world we all inhabit crucial to our success. We work very closely with customers and suppliers to understand their needs so that we can tailor our products and services to meet or exceed our delivery requirements. We track performance through regular internal and external meetings and discussions up and down our value chain to aid decision making, enhance customer focus and enable our supply chain. This will include formal collaborative agreements (assessed to ISO 44001) and client, customer, and community performance groups. We recently achieved PAS 2080 ‘Carbon Management in Infrastructure and Built Environment’ certification, this is a collaborative standard which necessitates us being active participants in collaborative events where we listen, understand, share knowledge, and contribute creatively to reducing global emissions. Our operations are critical to delivering a safe sustainable highways network, we align with our supply chain to deliver the holistic service the end user, one that delivers safer sustainable journeys for all. Investment and financial security are fundamental to meeting the needs of our clientele. Working openly and closely with our financial stakeholders strengthens WJ and gives confidence to clients and suppliers alike that we are financially secure, pay promptly and enhance supply chain sustainability, innovation, and capacity.

(d)    the impact of the company’s operations on the community and the environment.

The WJ Board understand our services have a significant positive impact on the community and our environment. Road markings, high friction surfacing, and our intelligent traffic solutions are all designed to make journeys safer more and efficient. This in and of itself is delivering considerable social and environmental value. Community is a core value for WJ that means delivering great social and environmental value in a well governed structure. We as an organisation play our part in delivering sustainable economic growth; tackling economic inequality; fighting climate change; aiding equal opportunity and supporting wellbeing. WJ have signed up to the Science Based Target Initiative to deliver against the Paris Agreement, based on lowering embodied carbon in our materials to zero, switching to zero emission vehicles as technology allows and insetting carbon through the planting of a forest. In our operations, road users, communities and the environment are considered at all times. To ensure we reduce and mitigate negative impacts of our operations upon them whist creating new jobs, business opportunities and skills. WJ through innovation in the design of materials, plant and machinery strive to increase the lifecycle of our materials. With less interventions we serve our communities and environment through reduced carbon emissions, less waste and improved air quality. WJ through innovative thinking greatly reduced embodied carbon in materials by circa 80% independently verified to ISO 14067 and PAS 2050 through collaborative work with our supply chain and developing the use of biogenic componentry. This aligns WJ with our community and environments needs.

WJ North Limited
Strategic report (continued)
For the period ended 31 March 2025
- 6 -

WJ have an active community engagement program ‘Thinking Community.’ We understand that it is difficult to manage what you can’t measure and have built an independently audited and accredited Social Value Calculator. The Board understand that for an organisation that works mostly for public sector organisations whether at Tiers 1, 2 or 3 level creating additional Social Value is critical to us, our clientele and the nation as a whole. This synergises with the ‘Community’ value’ of WJ, our people and our stakeholder communities to make a positive contribution to society.

(e) the desirability of the company maintaining a reputation for high standards of business conduct; and

The Board know that having a strong governance framework that is economically, environmentally, and socially responsible is fundamental to the development of our business. To this end the Board regularly reviews its policies and promotes ethical behaviour, actively encouraging equity, diversity, inclusion, and access and promoting support for disadvantaged groups. WJ is further engaged in promoting better understanding of the abhorrent practice of Modern Slavery. WJ are independently audited by Planet Mark on our carbon reduction targets, local social and economic value and BITC through the ‘Responsible Business Tracker’ on our response to the United Nations Sustainable Development Goals.

(f) the need to act fairly between members of the company.

WJ take the ethos of fairness, inclusion, and respect as pillars of our social contract as an organisation. This is a key part of our induction process and sets of the tenets of the behaviours we expect as an organisation. As a company working primarily for the public sector, we understand that the Public Sector Equality Duty of our clients is fundamental and that these standards are a minimum not an aspiration. It would be short sighted in the extreme for us as a Board not to consider the impacts of all the decisions that we make without considering our people, our wider stakeholders and the environment.

On behalf of the board

Mr N Johnson
Director
7 August 2025
WJ North Limited
Directors' report
For the period ended 31 March 2025
- 7 -

The directors present their annual report and financial statements for the period ended 31 March 2025.

Principal activities

The principal activities of the company in the period are providing temporary and permanent road and off highways markings, using a wide range of applications and products. They also provide a range of safety related surface treatments, including retexturing, high friction surfacing and pothole repair systems.

Results and dividends

The results for the period are set out on page 14 onwards.

No ordinary dividends were paid (2024 - £nil). The directors do not recommend payment of a final dividend.

Directors

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

Mr G M Andrews
(Resigned 23 October 2024)
Mr W D Johnston
Mr M Webb
Mr N A Holt
(Appointed 24 February 2025)
Mr N Johnson
(Appointed 21 November 2024)
Research and development

The company invests heavily in research and development to ensure that they have the most modern fleet available to promote efficiency whilst maintaining a strong health and safety record.

 

Energy and carbon reporting

At WJ our vision is to ‘Creating safe, sustainable journeys for everyone’, we achieve this by integrating sustainability into the operations of our company.

Organisational info/structure

WJ North Ltd is a trading entity made up of smaller divisions.

 

Environmental indicators

We use our Environmental Management Systems (EMS) to manage and improve significant environmental impacts. This commitment requires us to maintain and continually improve our environmental management system in accordance with ISO 14001 for the operation of our services and legislation relevant to the SECR environmental impacts. Our carbon emissions monitoring system is audited as part of our EMS and is externally verified by Planet Mark according to the Greenhouse Gas (GHG) Protocol.

Reporting period for energy emissions

From 1 February 2024 to 31 March 2025, with a baseline year of 1 February 2017 – 31 January 2018.

 

Reporting boundary

The reporting boundary includes all companies of WJ North Ltd. This includes 3 operational depots.

WJ North Limited
Directors' report (continued)
For the period ended 31 March 2025
- 8 -

Measurement methodology

WJ North Ltd operational carbon footprint includes Scope 1 and 2 emissions. It is measured according to methods set out by the GHG Protocol with the latest conversion factors from the Department for Business, Energy & Industrial Strategy (BEIS). Our monitoring system has also been externally verified by Planet Mark.

Our Scope 3 emissions are also monitored and verified by Planet Mark. However, due to the large amount of data to analyse, we currently only have 2023’s Scope 3 data. This data is done on a groupwide level so cannot be broken down by WJ North Limited. We have successfully carried out the Lifecycle Assessment (LCA) of our thermoplastic road marking products, our largest source of Scope 3 emissions. This is externally verified by Lucideon to ISO14067 and PAS2050.

Our intensity ratio will be based on our Scope 1 and 2 emissions Tonnes CO2e/£million turnover.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
25,871,697
21,471,000
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
10.98
39.43
- Fuel consumed for owned transport
5,991.86
5,021.04
6,002.84
5,060.47
Scope 2 - indirect emissions
- Electricity purchased
62.11
74.98
Total gross emissions
6,064.95
5,135.45
Intensity ratio
Tonnes CO2e per £1m turnover
88.77
98.56
As shown in the table above, our intensity ratio has decreased by 9.9%, which is a reflection of the strategy and focus on environmental impacts of the Company.

Our overall emissions and intensity ratio period comparisons above are distorted due to the change of year end and non-comparable reporting periods. Our underlying emissions  (Tonnes CO2) has actually reduced in the twelve month period ended 31 March 25 versus the comparable period of twelve months ended 31 March 24.
WJ North Limited
Directors' report (continued)
For the period ended 31 March 2025
- 9 -

Achievements

Our largest environmental impact and source of emissions is our vehicle and plant fleet. We have invested in a vehicle telematics system and launched a driver behaviour monitoring and award scheme. These have combined to show a 22% increase in MPG and 15.7% reduction in emissions.

Our Scope 3 savings from product reformulation with a switch to biogenic binder systems has seen around 27,762 tCO2e saved emissions across the WJ Group as a whole.

Our Net Zero targets have now been approved by Science-based Targets Initiative (SBTi), with the following targets:

*The target boundary includes land-related emissions and removals from bioenergy feedstocks.

 

Future plans and goals

We are currently trialling alternative fuels for our truck fleet.

Sustainable procurement is to become a focus for the business in the near future to aid in Scope 3 emissions reduction.

We are evaluating transferring all of our electricity and natural gas heating to be sourced from renewable sources.

As part of the Responsible Business Tracker by Business in the Community, we are also aligning our operations to the United Nations Sustainable Development Groups.

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 period. 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:

WJ North Limited
Directors' report (continued)
For the period ended 31 March 2025
- 10 -

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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.

Forward-looking statements

Where the financial statements contains forward-looking statements, these are based on current expectations and assumptions and are subject to risk factors and uncertainties which the Directors believe are reasonable. Accordingly, the Company's actual future results may differ materially from the results expressed or implied in these forward-looking statements. We do not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

On behalf of the board
Mr N Johnson
Director
7 August 2025
WJ North Limited
Independent auditor's report
To the member of WJ North Limited
- 11 -
Opinion

We have audited the financial statements of WJ North Limited (the 'company') for the period ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

WJ North Limited
Independent auditor's report (continued)
To the member of WJ North Limited
- 12 -

Opinions on other matters prescribed by the Companies Act 2006

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

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, 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.

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:

 

WJ North Limited
Independent auditor's report (continued)
To the member of WJ North Limited
- 13 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Gary Chadwick FCCA (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
7 August 2025
WJ North Limited
Statement of comprehensive income
For the period ended 31 March 2025
- 14 -
14 months
12 months
ending
ending
31 March
31 January
2025
2024
Notes
£
£
Turnover
3
68,324,218
52,107,022
Cost of sales
(48,286,924)
(37,621,521)
Gross profit
20,037,294
14,485,501
Administrative expenses
(11,230,675)
(8,770,362)
Other operating income
45,834
14,501
Operating profit
4
8,852,453
5,729,640
Interest receivable and similar income
7
34,226
123,452
Interest payable and similar expenses
8
(82,478)
(53,123)
Profit before taxation
8,804,201
5,799,969
Tax on profit
9
(672,180)
(884,080)
Profit for the financial period
8,132,021
4,915,889

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

WJ North Limited
Statement of financial position
As at 31 March 2025
31 March 2025
- 15 -
31 March 2025
31 January 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1,470
1,470
Tangible assets
11
14,378,997
16,616,492
14,380,467
16,617,962
Current assets
Stocks
12
1,520,986
2,281,690
Debtors falling due after more than one year
13
13,204,970
4,325,748
Debtors falling due within one year
13
12,420,181
7,832,416
Cash at bank and in hand
2,461,399
2,354,012
29,607,536
16,793,866
Creditors: amounts falling due within one year
14
(8,213,396)
(5,990,457)
Net current assets
21,394,140
10,803,409
Total assets less current liabilities
35,774,607
27,421,371
Creditors: amounts falling due after more than one year
15
(694,457)
(763,549)
Provisions for liabilities
Deferred tax liability
17
2,351,578
2,061,271
(2,351,578)
(2,061,271)
Net assets
32,728,572
24,596,551
Capital and reserves
Called up share capital
19
95
95
Capital redemption reserve
20
5
5
Profit and loss reserves
21
32,728,472
24,596,451
Total equity
32,728,572
24,596,551
The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
Mr N  Johnson
Director
Company registration number 02884681 (England and Wales)
WJ North Limited
Statement of changes in equity
For the period ended 31 March 2025
- 16 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2023
95
5
19,680,562
19,680,662
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
4,915,889
4,915,889
Balance at 31 January 2024
95
5
24,596,451
24,596,551
Period ended 31 March 2025:
Profit and total comprehensive income
-
-
8,132,021
8,132,021
Balance at 31 March 2025
95
5
32,728,472
32,728,572
WJ North Limited
Notes to the financial statements
For the period ended 31 March 2025
- 17 -
1
Accounting policies
Company information

WJ North Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Brock Way, Knutton, Newcastle Under Lyme, Staffordshire, ST5 6AZ.

 

Basis of preparation

The financial statements are prepared on a going concern basis, under the historical cost convention.

The preparation of financial statements in conformity with FRS102 requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies.

1.1
Reporting period

The financial statements presented are for a period of 14 months rather than 12 months in order to align the period end more appropriately with internal business processes. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as a result.

1.2
Accounting convention

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

Preparation of consolidated financial statements

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

WJ North Limited is a wholly owned subsidiary of WJ (Group) Limited and the results of WJ North Limited are included in the consolidated financial statements of WJ Group Holdings Limited which are available from Unit 7 Brock Way, Newcastle Under Lyme, Staffordshire, United Kingdom, ST5 6AZ.

 

WJ Group Holdings Limited is the smallest group for which consolidated accounts are prepared.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group entities where the relationship is one of being wholly owned.

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies
(Continued)
- 18 -
1.3
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.

1.4
Turnover

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

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Research and development expenditure

Research expenditure is written off against profits in the period in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

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

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

Software
10% on cost
1.7
Tangible fixed assets

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

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

Freehold land and buildings
2% on cost
Leasehold improvements
10% on cost
Plant and equipment
10% on cost
Fixtures and fittings
20% on cost
Motor vehicles
6.67% to 33.33% on cost

Freehold land and assets in the course of construction are not depreciated.

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies
(Continued)
- 19 -

On 1 March 2024, the group changed depreciation rates to those noted above. The depreciation rates listed below are those used in the prior period:

 

Freehold property             2% on a straight line basis

Leasehold improvements         In accordance with the lease

Plant and equipment              25% on reducing balance, 20% on reducing balance and                      50% on reducing balance

Fixtures and fittings              20% on reducing balance, 50% on reducing balance and                      50% on cost

Motor vehicles                 25% on reducing balance and 35% on reducing balance

 

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

1.8
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.9
Stocks

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

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

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies
(Continued)
- 20 -
1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans to fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
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 period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies
(Continued)
- 22 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is only recognised as an accrual at the end of each statutory financial period.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases
As lessee

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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies
(Continued)
- 23 -
1.17
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 profit or loss.

1.18

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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.

 

Critical judgements

In the directors' opinion there are no critical judgements that they have made in applying the company's accounting policies and that have had a significant effect on the amounts recognised in the financial statements.

 

Key sources of estimation uncertainty

The directors do not consider there to be any key estimates or assumptions used in preparing the financial statements.

 

3
Turnover

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

2025
2024
£
£
Turnover analysed by class of business
Roadmarking and related services
60,221,474
44,501,661
Intelligent traffic solutions
8,102,744
5,929,617
Garage and engineering services
-
1,675,744
68,324,218
52,107,022
WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
- 24 -
4
Operating profit
2025
2024
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses
11,073
2,820
Research and development costs
11,862
246,018
Depreciation of owned tangible fixed assets
2,947,835
3,300,109
Depreciation of tangible fixed assets held under finance leases
110,929
433,769
Loss/(profit) on disposal of tangible fixed assets
2,050
(35,825)
Operating lease charges
362,954
210,845
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
31,000
29,500
6
Employees

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

2025
2024
Number
Number
Production
162
196
Administration
55
38
Total
217
234

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
13,314,395
11,709,612
Social security costs
1,413,972
1,309,514
Pension costs
368,331
364,868
15,096,698
13,383,994
WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
- 25 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
34,226
15,308
Interest receivable from group companies
-
0
108,144
Total income
34,226
123,452
8
Interest payable and similar expenses
2025
2024
£
£
Interest on finance leases and hire purchase contracts
79,549
53,123
Other interest
2,929
-
0
82,478
53,123
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
381,873
-
0
Deferred tax
Origination and reversal of timing differences
290,307
884,080
Total tax charge
672,180
884,080
WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
9
Taxation
(Continued)
- 26 -

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

2025
2024
£
£
Profit before taxation
8,804,201
5,799,969
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.03%)
2,201,050
1,393,733
Tax effect of expenses that are not deductible in determining taxable profit
36,786
24,684
Effect of change in corporation tax rate
-
0
33,307
Group relief
(1,882,277)
(421,450)
Depreciation on assets not qualifying for tax allowances
-
0
17,087
Under/(over) provided in prior years
316,621
-
0
Super deduction claim
-
0
(5,852)
Deferred tax underprovision in the prior period
-
0
25,525
Assets under construction transferred at cost
-
0
(162,908)
Disposals of non-qualifying assets
-
0
(20,046)
Taxation charge for the period
672,180
884,080
10
Intangible fixed assets
Software
£
Cost
At 1 February 2024 and 31 March 2025
1,470
Amortisation and impairment
At 1 February 2024 and 31 March 2025
-
0
Carrying amount
At 31 March 2025
1,470
At 31 January 2024
1,470
WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
- 27 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 February 2024
2,306,459
1,937,256
1,355,086
11,310,401
476,824
17,232,264
34,618,290
Additions
-
0
63,971
-
0
728,139
44,971
1,597,793
2,434,874
Disposals
-
0
(697,249)
(223,814)
(1,106,776)
(45,905)
(2,696,793)
(4,770,537)
Transfer
221,108
(221,108)
(1,126,152)
(3,476,491)
-
0
4,602,643
-
0
At 31 March 2025
2,527,567
1,082,870
5,120
7,455,273
475,890
20,735,907
32,282,627
Depreciation and impairment
At 1 February 2024
19,221
1,521,019
-
0
5,199,517
205,765
11,056,276
18,001,798
Depreciation charged in the period
61,725
66,749
-
0
922,106
98,554
1,909,630
3,058,764
Eliminated in respect of disposals
-
0
(649,554)
-
0
(907,818)
(29,153)
(1,570,407)
(3,156,932)
Transfer
164,606
(164,606)
-
0
(2,194,073)
-
0
2,194,073
-
0
At 31 March 2025
245,552
773,608
-
0
3,019,732
275,166
13,589,572
17,903,630
Carrying amount
At 31 March 2025
2,282,015
309,262
5,120
4,435,541
200,724
7,146,335
14,378,997
At 31 January 2024
2,287,238
416,237
1,355,086
6,110,884
271,059
6,175,988
16,616,492
WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
11
Tangible fixed assets
(Continued)
- 28 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. These are secured on the assets in which they relate to.

2025
2024
£
£
Motor vehicles
698,267
1,458,746
12
Stocks
2025
2024
£
£
Stocks
1,520,986
2,281,690

Stock comprises of £1,520,986 (2024 - £1,324,995) in finished goods and £nil (2024 - £956,695) in work in progress.

13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,396,053
6,433,651
Corporation tax recoverable
817,188
77,682
Amounts owed by group undertakings
957,065
2,930
Other debtors
311,109
380,704
Prepayments and accrued income
1,938,766
937,449
12,420,181
7,832,416
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
13,204,970
4,325,748
Total debtors
25,625,151
12,158,164

Amounts owed by group undertakings due after more than one year are due between 1 and 2 years. The amounts are unsecured and interest free (2024 - interest receivable at 2.5%).

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
- 29 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
16
234,934
449,189
Trade creditors
1,909,187
2,288,418
Amounts owed to group undertakings
3,388,371
1,325,195
Taxation and social security
388,060
313,831
Other creditors
668,302
342,884
Accruals and deferred income
1,624,542
1,270,940
8,213,396
5,990,457
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
16
694,457
763,549

Amounts owed to group undertakings due after more than one year are due between 1 and 2 years. Interest is payable at a rate of 2.5%. The amounts are unsecured.

16
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
234,934
449,189
In two to five years
694,457
763,549
929,391
1,212,738

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Obligations under finance lease and hire purchase contracts are secured on the assets acquired.

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
- 30 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
2,351,578
2,061,271
2025
Movements in the period:
£
Liability at 1 February 2024
2,061,271
Charge to profit or loss
290,307
Liability at 31 March 2025
2,351,578
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
368,331
364,868

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.

Contributions totaling £39,658 (2024 - £90,988) were payable to the fund at the balance sheet date and are included in creditors.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
9,500
9,500
95
95

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

20
Capital redemption reserve

Capital redemption reserves represents the nominal value of shares following a company buyback of its own shares.

WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
- 31 -
21
Profit and loss reserves

Profit and loss reserves represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

22
Financial commitments, guarantees and contingent liabilities

At the balance sheet date, the company had guaranteed borrowings of a parent company, all charges being managed by a security agent. At 31 March 2025 these borrowings amounted to £63,281,847 (2024 - £59,555,121). As at the date of approval of these financial statements, the directors do not anticipate that the guarantees will be called upon.

23
Operating lease commitments
As 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:

2025
2024
£
£
Within 1 year
288,047
327,365
Years 2-5
440,418
772,219
728,465
1,099,584
24
Related party transactions
Transactions with related parties

During the period rent and fees were paid to a pension scheme in which some of the directors are beneficiaries, amounting to £189,117 (2024 - £122,100). At the current and prior period end, no balances were owed to this entity.

 

During the period, the company paid rent to entities under the control of some of the directors of the company of £82,600 (2024 - £70,800). At the current and prior period end, no balances were owed to this entity.

25
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr W D Johnston
13,855
6,614
20,469
Mr M Webb
27,080
6,017
(32,000)
1,097
40,935
12,631
(32,000)
21,566
WJ North Limited
Notes to the financial statements (continued)
For the period ended 31 March 2025
- 32 -
26
Ultimate controlling party

The immediate parent company is WJ (Group) Limited which owns 100% of the ordinary share capital. WJ (Group) Limited is incorporated in England and the registered office is Unit 7 Brock Way, Newcastle under Lyme, Staffordshire, ST5 6AZ.

 

The ultimate controlling party is the THI Holdings GmbH. a company registered in Germany. THI Holdings GmbH is controlled by the Hagenmeyer family.

 

The smallest group into which the entity is consolidated is WJ Group Holdings Limited. WJ Group Holdings Limited is incorporated in England. Copies of the group financial statements of WJ Group Holdings Limited are available from Unit 7 Brock Way, Newcastle under Lyme, Staffordshire, United Kingdom, ST5 6AZ.

 

The largest group into which the entity is consolidated is THI Holdings GmbH, a company registered in Germany. Copies of the group financial statements of THI Holdings GmbH are available from THI Investments, Eberhardstraße 65, 70173 Stuttgart, Germany.

 

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