Year Ended
Registration number:
Woodgate and Clark Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Woodgate and Clark Limited
Company Information
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Directors |
J Eveling R De Bruijn M Higgins S Jones P Middelkoop |
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Company secretary |
J Eveling |
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Registered office |
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Auditors |
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Woodgate and Clark Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Fair review of the business
The profit before tax of £211,611 (2023 - £2,508,557) was reduced in line with expectations. Income included £150,000 of dividend income (2023 - £350,000). The net asset value has increased slightly by £35,833 being the in year profit.
During the year the trade and assets of Spotlite Limited, a wholly owned subsidiary, were transferred into Woodgate and Clark Limited.
Key Performance Indicators
The directors use a number of measures, both financial and non financial, to monitor and benchmark the performance of the company, They regard the following as key financial indicators of performance:
- Operating profit of £423,697 (2023: £2,150,155) - measuring profits generated by the company's operation.
- Net assets £12,924,566 (2023: £12,888,733) - measuring the company's financial health and stability.
The key non financial indicators include the company's ability to maintain its existing customer and supplier base. In addition, the company monitors its employee satisfaction through both its staff retention figures and the Great Place to Work accreditation.
Principal risks and uncertainties
The company's ongoing activities expose it to a variety of risks, both financial and operational. The majority of work is received from insurance companies and Lloyd's syndicates, following a claim being made by their respective policy-holders. The directors constantly monitor the risks facing the company with particular reference to exposure on liquidity and credit risks. They are confident that there are suitable policies in place and there are no material risks which have not been considered.
In light of the above, the Directors consider that the going concern basis remains appropriate for the preparation of the company’s accounts for the year to 31 December 2024.
Section 172(1) statement
In accordance with section 172 of the Companies Act 2006 (S172) the Directors, confirm that during the financial year, they have acted in good faith and have upheld their 'duty to promote the success of the company' to the benefit for all stakeholders. Section 172 describes a diverse range of stakeholders whose interests are said to feature in the 'success of the Companies'. The information set out below shows each principal stakeholder and how the Company complies:
Woodgate and Clark Limited
Strategic Report for the Year Ended 31 December 2024
Our People
Our people are fundamental to the delivery of our services and to maintaining our continued success. Our aim is to recruit and retain the best talent, whilst assisting in developing long-term careers within our business.
This year we again participated in the Great Place to Work survey and accreditation scheme, which aims to assess satisfaction levels across a range of criteria and then assist management to deliver improved benefits and workplace culture across the business. We improved our satisfaction survey results from the previous year and were delighted to gain accreditation as a Great Place to Work.
We have also invested in developing career pathways and were shortlisted as finalists for the Insurance Time ‘Claims Training Excellence Award’ (Major Loss Pathway). The business is now widening the career pathway plans beyond major loss to other areas of the business. Other major training initiatives include specific line manager training for our managers with direct reports, with the training covering a range of topics from career development to wellbeing.
The business has also invested in its HR resources and strengthened the HR team, recognising the need to treat the wellbeing of our people as a priority. We offer regular webinars and sessions on a whole range of wellbeing topics, and also provide sessions on financial management.
Our Customers and Suppliers
The Directors recognise that Woodgate and Clark needs to deliver the highest quality of service to our customer on a consistent basis. We have invested in our business information/data teams and also made a significant investment in strengthening our Client Services Team and the Directors are committed to further investment in these areas to support the efforts of our loss adjusters in delivering a service that supports the future success of our business.
The management of supplier relationships is essential in our ability to deliver services to our customers in an efficient and environmentally responsible manner. We seek to maintain positive relationships with all suppliers and ensure that we settle supplier invoices in accordance with their stated payment terms.
Woodgate and Clark Limited
Strategic Report for the Year Ended 31 December 2024
Our Community
It is important that our business makes a positive contribution to the communities in which we operate. During the course of the year, we introduced “CSR days” whereby our colleagues can take two paid days leave a year in which they can undertake a community project. Typical contributions from our colleagues have been in supporting local foodbanks. Various offices hold Macmillan coffee mornings and organise events for Red Nose Day. Individually, our people have also entered into marathons and sponsored walks, which the business supports with contributions. We have also provided funds for kits for local sports teams in local areas where we operate.
Environment
The Directors and the whole business are aware of our responsibilities to the environment and we are committed to being an environmentally and socially responsible business.
Our parent group have a net zero target for 2030 and we are working towards that. We are signed up to the UN Compact and are also seeking Eco Vadis accreditation in 2025. We have further committed to setting aligned and externally validated targets which are compatible with the Science Based Targets initiative.
Ongoing initiatives including appointing a sustainability lead and Board champion within the business and moving all of our car fleet to hybrid vehicles and offering an electric vehicle at each car grade. We have also conducted extensive emission reduction modelling across the business. We continue to review our suppliers regularly to ensure they incorporate social enterprise initiatives where possible and to ensure that we procure low carbon alternatives in our supply chain.
Our Shareholders
It is imperative that our shareholders have confidence in our management and long-term strategic objectives. Our shareholders are represented on the board and we ensure fair and reasonable scrutiny of all major decisions having a material financial or other impact on the business. The Directors also attend an annual conference hosted by our shareholders to ensure that major decisions and strategic direction are considered and where possible aligned, whilst enabling Woodgate and Clark to operate independently.
Woodgate and Clark Limited
Strategic Report for the Year Ended 31 December 2024
Employee engagement and workplace culture
During the year we gained accreditation as a Great Place to Work, an initiative supported by our shareholder and the wider group. This involved preparation, collaboration and communication with our parent company CEO and group HR colleagues. After the results of the survey were published, the Directors and HR team continued to liaise further with our shareholder and its European colleagues to review feedback and determine actions to be taken. We continue to develop further plans on workplace improvements across the board in support of our colleagues.
Annual Budget
Our annual budget is a collaborative process with our shareholder, who is represented on the board of directors. Decisions having a material impact are discussed, along with the likely long-term consequences.
Integration of colleagues following acquisition
The integration of colleagues following recent acquisitions involved numerous meetings between those colleagues, our Managing Director and our HR team. This involved ensuring colleagues were informed of any changes to HR policies and procedures and that any feedback was considered before any changes were implemented, for example in relation to normal working hours and pension arrangements.
Approved and authorised by the
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Woodgate and Clark Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of loss adjusters and claim managers and parent company to two subsidiary companies.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Dividends
The profit for the year, after taxation, amounted to £35,833 (2023: £1,971,718).
The total distribution of dividends for the year ended 31 December 2024 was £nil (2023: £1,875,000).
Financial instruments
Objectives and policies
The company's operations expose it to a variety of financial risks, including the effects of credit risk, liquidity risk and cash flow risk. The policies in place to mitigate the potential impact of these financial risks are as follows:
Price risk, credit risk, liquidity risk and cash flow risk
- Credit risk
To manage credit risk the company continues to operate its policy that requires appropriate credit checks on potential customers prior to any sales being made.
- Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company's policy throughout the period has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum and minimum ratios.
- Cash flow risk
The directors have deployed effective processes and controls to ensure that pricing and cash flow remain adequate for the business' needs and keep these under regular review.
Woodgate and Clark Limited
Directors' Report for the Year Ended 31 December 2024
Employment of disabled persons
Where disabilities are identified at offer stage during recruitment we ensure that we are able to support by accommodating any reasonable adjustments, and wellbeing is taken into account for all employees during their employment. It is company policy that any training, career development and promotion opportunities are available to all employees.
Employee involvement
We hold regular town halls where employees are kept informed of any key business changes or announcements, and lunch and learn sessions to encourage knowledge sharing and learning about other business areas within the Van Ameyde Group which are held via Teams video links. We keep our employees informed regarding business updates through a regular newsletter which celebrates new joiners, acknowledges key changes, celebrates achievements and any other news items which employees ask to be kept informed about.
Future developments
The directors continue to grow, develop and seek organisational and process improvements across the business, whilst acknowledging that some business lines will be more challenging in the upcoming year. The directors are therefore focussed not only on the current core business, but on developing new speciality lines with significant growth potential.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Woodgate and Clark Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Woodgate and Clark Limited
Independent Auditor's Report to the Members of Woodgate and Clark Limited
Opinion
We have audited the financial statements of Woodgate and Clark Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 original financial statements were 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.
Woodgate and Clark Limited
Independent Auditor's Report to the Members of Woodgate and Clark Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 8, 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 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:
Woodgate and Clark Limited
Independent Auditor's Report to the Members of Woodgate and Clark Limited
As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were:
- The Companies Act 2006
- The Corporation Tax Act 2010
- GDPR
- Health & Safety regulations
The laws and regulations considered above have a direct impact on the preparation of the financial statements, primarily The Companies Act 2006. The accounts were prepared in accordance with UK GAAP and under the Companies Act 2006.
We discussed with management and those charged with governance how the compliance with these laws and regulations is monitored and discussed policies and procedures in place.
We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.
As part of our enquiries, we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
We also evaluated the risk of fraud through management override including that arising from management’s incentives. The key risk we identified was fraudulent financial reporting.
In response to the identified risk, as part of our audit work we:
- Tested journal entries throughout the period for appropriateness;
- Reviewed estimates and judgements made in the accounts for any indication of bias; and
- Challenged assumptions used by management in making the estimates.
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Woodgate and Clark Limited
Independent Auditor's Report to the Members of Woodgate and Clark Limited
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.
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Melville Building East
Unit 18, 23 Royal William Yard
PL1 3GW
Woodgate and Clark Limited
Profit and Loss Account
Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
423,697 |
2,150,155 |
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Income from shares in group undertakings |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(212,086) |
358,402 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Woodgate and Clark Limited
Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investments |
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Other financial assets |
1,383 |
1,383 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Profit and loss account |
12,914,566 |
12,878,733 |
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Shareholders' funds |
12,924,566 |
12,888,733 |
Approved and authorised by the
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Company Registration Number: 02090698
Woodgate and Clark Limited
Statement of Changes in Equity
Year Ended 31 December 2024
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Share capital |
Profit and loss account |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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At 31 December 2024 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2023 |
10,000 |
12,878,733 |
12,888,733 |
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirement of paragraph 33.7.
Going concern
The financial statements have been prepared on a going concern basis.
Exemption from preparing group accounts
The financial statements contain information about Woodgate and Clark Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, RWTUV e.V and TUV Thuringen e.V, a company incorporated in Germany.
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Judgements
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the company as a lessor are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Key sources of estimation uncertainty
- Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
- Trade debtors
Determine the recoverability of trade receivables via regular review in the light of the available economic information specific to each receivable with specific provisions recognised for balances considered to be irrecoverable.
Determine the value of revenue to recognise on cases that remain open at the year end. This calculation is dependent on the number of case files open as well as the revenue assigned to each case file. The value assigned per case file is based on that historically achieved with the appropriateness of the value applied reviewed at regular intervals.
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. For those fees where the company acts as agent, it represents a handling fee on claims from insurance companies. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to the consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors as accrued income and payments on account in excess of the relevant amount of revenue are included in creditors as deferred income.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings leaseholds |
Straight line over the life of the lease |
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Fixtures, fittings & equipment |
15% - 30% Straight line |
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Motor vehicles |
25% Straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Software |
2 years straight line |
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Goodwill |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Loans from group companies; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Foreign exchange losses |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Office and management |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
1,068,033 |
1,056,550 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Received or were entitled to receive shares under long term incentive schemes |
|
- |
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest expense on other finance liabilities |
|
|
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
175,778 |
536,839 |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
- |
|
Tax decrease from effect of dividends from UK companies |
- |
( |
|
Total tax charge |
|
|
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Internally generated software development costs |
Total |
|
|
Cost or valuation |
|||
|
Additions acquired separately |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Amortisation |
|||
|
Amortisation charge |
|
- |
|
|
At 31 December 2024 |
|
- |
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £143,794 (2023 - £174,067) in respect of short leasehold land and buildings.
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Disposals |
( |
|
At 31 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
86 Deansgate, Manchester, M3 2ER England |
|
|
|
|
|
Ground Floor, 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF England |
|
|
|
|
Subsidiary undertakings |
|
Quadra Claims Services Limited The principal activity of Quadra Claims Services Limited is |
|
Spotlite Claims Limited The principal activity of Spotlite Claims Limited is |
Other investments
The market value of the listed investments at 31 December 2024 was £1,383 (2023 - £1,383).
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
Income tax asset |
|
- |
|
|
|
|
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Bank overdrafts |
( |
- |
|
Cash and cash equivalents in statement of cash flows |
706,829 |
1,086,473 |
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
- |
|
|
Trade creditors |
( |
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
- |
|
|
Accruals |
|
|
|
|
Corporation tax |
- |
228,928 |
|
|
|
|
||
|
Due after one year |
|||
|
Other creditors |
- |
|
Included in the amounts owed to group undertakings is a £4.8m (2023 - £4.8m) loan interest bearing at 8% per annum, repayable on demand.
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank overdrafts |
|
- |
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
|
Dividends |
|
2024 |
2023 |
|||
|
£ |
£ |
|||
|
Interim dividend of £Nil (2023 - £ |
- |
1,875,000 |
||
Woodgate and Clark Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The parent of the largest group in which these financial statements are consolidated is
The parent of the smallest group in which these financial statements are consolidated is
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Related party transactions |
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 wholly owned subsidiaries within the group.
|
Reserves |
Share capital
Called up share capital represents the nominal value of the shares issued.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.