REGISTERED NUMBER: 11963394 (England and Wales)

Whitewolf Cylinders Ltd

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 28 February 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

Mr T R Marsden

Mr O C Marsden

Mr R C Marsden

SECRETARY:

Mrs D J Marsden

REGISTERED OFFICE:

4 Valencia Park

Gilcar Way

Wakefield Europort

Normanton

West Yorkshire

WF10 5QS

REGISTERED NUMBER:

11963394 (England and Wales)

AUDITORS:

SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

The directors present their strategic report for the year ended 28 February 2025.

REVIEW OF BUSINESS

Whitewolf Cylinders continued our strong growth trend from previous years since incorporation, securing more market share than the year before in both traditional unvented and renewable markets. In the year we also located suitable premises that enabled the opening of a second production facility in late 2024 to facilitate further long-term growth through our market partners.

KEY PERFORMANCE INDICATORS

Growth in 2024/25 was monitored through several Key Performance Indicators (KPIs), most notably with turnover for the year and average number of employees.

The company's key performance indicators during the year were as follows:

2025

2024

Change

Turnover

£18.9m

£13.3m

£5.6m

Average number of employees

97

62

35

Revenue is used as a key performance indicator as it provides a clear measure of the scale of our operations and demand for our products. The average number of employees has also been selected , as it reflects our continued investment in the local workforce, which is fundamental to sustaining operational capacity and supporting long-term growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of future forecasts are subject to a number of risks. The primary risk Whitewolf Cylinders Ltd will have to address as the company continues to expand operations will be the selling of product on credit, and how this affects cash flow into the business, which could otherwise be spent on machinery, training of personnel, and any future acquisitions. The directors feel that this is well addressed with our credit control procedures, and our willingness to operate pragmatically to enable customer growth, as our suppliers continue to do with our operations in turn.

The secondary risk comes from the UK's strategy within the "green transition" to renewable technologies in the plumbing and heating sector. Despite a declining market size, Whitewolf Cylinders Ltd as a white-label manufacturer has to be prepared for significant growth from our customers in this sector, which includes outlays on machinery and staff before market opportunities are fully realised. The primary risk will stem from heavy investment into market growth forecasts that do not come to fruition. The team at Whitewolf Cylinders Ltd have mitigated this risk through our strong longstanding relationships with suppliers and creditors which enables our growth without being a significant hindrance on future cash flow or profitability.

PLANS FOR FUTURE PERIODS

Looking forward to the remainder of 2025 and start of 2026, Whitewolf Cylinders Ltd is continuing to grow despite a short-term market downturn and are well positioned to take market share from competitors in anticipation of overall renewable market growth in 2026 and 2027.

ON BEHALF OF THE BOARD:

Mr T R Marsden - Director

2 September 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing of plumbing and heating systems within the new housing sector.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 29 February 2024 to the date of this report.

Mr T R Marsden

Mr O C Marsden

Mr R C Marsden

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, SMH Jolliffe Cork Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr T R Marsden - Director

2 September 2025

Opinion

We have audited the financial statements of Whitewolf Cylinders Ltd (the 'company') for the year ended 28 February 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with the Directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit.

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

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

-

in assessing the effectiveness of the control environment, we also reviewed significant correspondence between the company and UK regulatory bodies, reviewed minutes of meetings and gained an understanding of the company's approach to governance.

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

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

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

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims and reviewing correspondence with HMRC and the company's legal advisors.

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matter

The comparative figures are unaudited.

Use of our report

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

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

9 September 2025

TURNOVER

19,037,642

13,325,997

Cost of sales

12,069,976

9,148,203

GROSS PROFIT

6,967,666

4,177,794

Administrative expenses

5,998,458

3,616,351

969,208

561,443

Other operating income

96,112

-

OPERATING PROFIT

4

1,065,320

561,443

Interest receivable and similar income

85

-

1,065,405

561,443

Interest payable and similar expenses

5

12,071

21,419

PROFIT BEFORE TAXATION

1,053,334

540,024

Tax on profit

6

270,683

(119,524

)

PROFIT FOR THE FINANCIAL YEAR

782,651

659,548

PROFIT FOR THE YEAR

782,651

659,548

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

782,651

659,548

FIXED ASSETS

Intangible assets

7

5,950

5,950

Tangible assets

8

347,793

189,296

353,743

195,246

CURRENT ASSETS

Stocks

9

1,884,069

1,058,281

Debtors

10

2,561,136

2,047,077

Cash at bank

171,615

97,911

4,616,820

3,203,269

CREDITORS

Amounts falling due within one year

11

4,046,360

2,459,502

NET CURRENT ASSETS

570,460

743,767

TOTAL ASSETS LESS CURRENT LIABILITIES

924,203

939,013

CREDITORS

Amounts falling due after more than one year

12

(55,338

)

(936,565

)

PROVISIONS FOR LIABILITIES

16

(83,766

)

-

NET ASSETS

785,099

2,448

CAPITAL AND RESERVES

Called up share capital

17

2,000,100

2,000,100

Retained earnings

18

(1,215,001

)

(1,997,652

)

SHAREHOLDERS' FUNDS

785,099

2,448

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

Mr O C Marsden - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 31 December 2022

100

(2,657,200

)

(2,657,100

)

Issue of share capital

2,000,000

-

2,000,000

Total comprehensive income

-

659,548

659,548

Balance at 28 February 2024

2,000,100

(1,997,652

)

2,448

Total comprehensive income

-

782,651

782,651

Balance at 28 February 2025

2,000,100

(1,215,001

)

785,099

Cash flows from operating activities

Cash generated from operations

1

195,168

420,536

Interest paid

(12,071

)

(21,419

)

Net cash from operating activities

183,097

399,117

Cash flows from investing activities

Purchase of intangible fixed assets

-

(5,950

)

Purchase of tangible fixed assets

(206,899

)

(99,932

)

Sale of tangible fixed assets

-

745,896

Interest received

85

-

Net cash from investing activities

(206,814

)

640,014

Cash flows from financing activities

Amount introduced by directors

268,338

146,318

Amount withdrawn by directors

(170,917

)

(3,100,001

)

Share issue

-

2,000,000

Net cash from financing activities

97,421

(953,683

)

Increase in cash and cash equivalents

73,704

85,448

Cash and cash equivalents at beginning of year

2

97,911

12,463

Cash and cash equivalents at end of year

2

171,615

97,911

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

31.12.22

Year ended

to

28.2.25

28.2.24

(Unaudited)

£

£

Profit before taxation

1,053,334

540,024

Depreciation charges

48,402

40,651

Loss on disposal of fixed assets

-

1,620

Finance costs

12,071

21,419

Finance income

(85

)

-

1,113,722

603,714

Increase in stocks

(825,788

)

(211,837

)

Increase in trade and other debtors

(633,583

)

(1,146,715

)

Increase in trade and other creditors

540,817

1,175,374

Cash generated from operations

195,168

420,536

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2025

28.2.25

29.2.24

£

£

Cash and cash equivalents

171,615

97,911

Period ended 28 February 2024

28.2.24

31.12.22

(Unaudited)

£

£

Cash and cash equivalents

97,911

12,463

3.	ANALYSIS OF CHANGES IN NET DEBT

At 29.2.24

Cash flow

At 28.2.25

£

£

£

Net cash

Cash at bank

97,911

73,704

171,615

97,911

73,704

171,615

Debt

Debts falling due within 1 year

(58,864

)

(4,574

)

(63,438

)

Debts falling due after 1 year

(149,328

)

93,990

(55,338

)

(208,192

)

89,416

(118,776

)

Total

(110,281

)

163,120

52,839

1.	STATUTORY INFORMATION

Whitewolf Cylinders Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, after discounts, rebates, exclusive of VAT and other sales taxes or duty.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development will be amortised evenly over its estimated useful life, which will be determined once the asset is brought into use.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property improvements

-

10% on cost

Motor vehicles

-

25% on cost

Fixed Assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

Period

31.12.22

Year ended

to

28.2.25

28.2.24

(Unaudited)

£

£

Wages and salaries

3,844,038

2,510,557

Social security costs

381,158

247,446

Other pension costs

135,261

86,802

4,360,457

2,844,805

The average number of employees during the year was as follows:

Period

31.12.22

Year ended

to

28.2.25

28.2.24

(Unaudited)

Production

87

51

Administration

8

9

Senior management

2

2

97

62

Period

31.12.22

Year ended

to

28.2.25

28.2.24

(Unaudited)

£

£

Directors' remuneration

141,200

101,600

Directors' pension contributions to money purchase schemes

6,560

5,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

31.12.22

Year ended

to

28.2.25

28.2.24

(Unaudited)

£

£

Hire of plant and machinery

512,781

48,571

Other operating leases

232,858

65,722

Depreciation - owned assets

48,402

40,651

Loss on disposal of fixed assets

-

1,620

Auditors' remuneration

14,500

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

31.12.22

Year ended

to

28.2.25

28.2.24

(Unaudited)

£

£

Loan Interest

12,071

21,419

6.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

Period

31.12.22

Year ended

to

28.2.25

28.2.24

(Unaudited)

£

£

Current tax:

UK corporation tax

67,393

-

Deferred tax

203,290

(119,524

)

Tax on profit

270,683

(119,524

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period

31.12.22

Year ended

to

28.2.25

28.2.24

(Unaudited)

£

£

Profit before tax

1,053,334

540,024

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 19%)

263,334

102,605

Effects of:

Expenses not deductible for tax purposes

3,057

(907

)

Capital allowances in excess of depreciation

(33,401

)

-

Depreciation in excess of capital allowances

-

121,504

Utilisation of tax losses

(165,597

)

(223,202

)

Deferred tax

203,290

(119,524

)

Total tax charge/(credit)

270,683

(119,524

)