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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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WILLIAM LAMB GROUP LIMITED
COMPANY INFORMATION
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WILLIAM LAMB GROUP LIMITED
CONTENTS
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WILLIAM LAMB GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal business activity is the design and supply of footwear and accessories on a made to order basis.
The main market segment of the business is children's footwear and accessories, including licensed character products. The Company has established long standing agreements with key licensors.
The Company provides a complete service package for its customers using its skilled design team, technical and sourcing expertise, and a long heritage of footwear manufacture. The Company works closely with its customers to develop products, typically 6 to 18 months in advance of the pending season, which are then sourced from its overseas network of suppliers. Customers operate across all channels, retail, wholesale and online. Products are also offered on an in-stock basis. The business is growing its branded adult footwear offering and continues to explore other growth opportunities.
The external pressures of 2023 continued into 2024 predominately impacting middle market brands. By the half year the lower value products started to benefit from the mid-market pressures as consumers switched to cheaper goods.
The pressure on disposal income continued despite the election of a new labour government in July 2024. The new governments budget in October caused a serious downturn in confidence as businesses braced themselves for new taxes which would increase the cost of operations, and in turn impact consumers. Supply chain disruptions eased towards the end of 2024 but remains volatile. Fixed costs have continued to be managed closely. Stock levels were reduced further as planned with adapting business strategy. The cashflow and the balance sheet remains strong. Turnover increased by 6.1% to £27,591,364 (2023: 25,997,227). Normal operating expenses of £6,157,581 (22.3% of sales) were higher than in the previous year of £6,114,029 (23.6% of sales) but proportionally lower as a percentage of sales. Finance charges in respect of invoice finance debts generated interest receivable of £56,912 (0.2% of sales) compared to a charge in the previous year of £57,901 (0.2% of sales). Profit before taxation was £757,758 (2023: £67,556).
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WILLIAM LAMB GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The most significant risks to the Company's profitability in order of priority are:
- Impact of Company NI and increase in wage costs - Stock holding and customer call off’s constraining working capital - Turbulent freight rates caused by interruptions in supply - The lack of credit insurance restricting opportunities - Inflationary pressures impacting overheads and suppressing consumer demand for product - Global political instability and its effect on currencies The Company has a well-established focus on management of finances and cashflow. The Company continually monitors its ongoing financial health and forward-looking projections. The board has strategies to manage these risks and remains confident of continued success despite these external pressures. Future developments The focus for 2025 is to continue to drive increased sales through the newly established routes to market and additional product areas.
Management monitors the performance of the operations compared to prior year, budget and latest forecast. KPI's monitored on a weekly basis are:
- Sales volume and value by Customer - Order book intake volume and value - Product group volume and value - Delivery and quality performance - Exchange Rates KPl's monitored on a monthly basis are as above plus: - Sales and order book gross margin - Stock levels - Debtor days and risks identified - Factory loadings - Profit and cash generation - Sales forecasts - Health and safety accident rate - Staff attendance The Company focuses heavily on future prospects with particular emphasis on sales order book, margins and stock holding. It is vital to maintain continuity of supply, therefore sufficient supplier capacity is monitored in terms of both volume and mix capabilities.
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WILLIAM LAMB GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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WILLIAM LAMB GROUP 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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 to 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.
The profit for the year, after taxation, amounted to £626,912 (2023 - £93,298).
Particulars of recommended dividends are detailed in note 12 to the financial statements.
The directors who served during the year and up to the date of this report were:
The directors remain confident about the long-term prospects for the Company.
Sales, customers service, stock holding, cost control and margin enhancement remain key objectives.
The Company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
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WILLIAM LAMB GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next general meeting.
This report was approved by the board and signed on its behalf.
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WILLIAM LAMB GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM LAMB GROUP LIMITED
We have audited the financial statements of William Lamb Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditors' 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.
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WILLIAM LAMB GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM LAMB GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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WILLIAM LAMB GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM LAMB GROUP LIMITED (CONTINUED)
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 auditors' 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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Taxation legislation. We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls to manipulate the company’s key performance indicators to meet targets
∙Timing of revenue recognition
∙Management judgement applied in calculating provisions
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness
∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
∙Enquiries of management about litigation and claims and inspection of relevant correspondence
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
∙Analytical procedures to identify any unusual or unexpected trends or relationship
∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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WILLIAM LAMB GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM LAMB GROUP LIMITED (CONTINUED)
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 auditors' 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.
for and on behalf of
Statutory Auditor
Gresham House
5-7 St Pauls Street
LS1 2JG
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WILLIAM LAMB GROUP LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WILLIAM LAMB GROUP LIMITED
REGISTERED NUMBER: 02513251
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 26 form part of these financial statements.
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
William Lamb Group Limited (the "Company") is a private company limited by shares, incorporated, domiciled and registered in England & Wales in the UK. The registered number is 02513251 and the registered address is Bottom Boat Road, Stanley, Wakefield, WF3 4AY. The principal activity of the Company is as disclosed in the strategic report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the entity.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of William Lamb (Holdings) Limited as at 31 December 2024 and these financial statements may be obtained from Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company meets its working capital requirements through an invoice finance facility on a rolling renewal basis which has been in place for several years, there is no indication that the facility will be withdrawn. The company had available funds to drawdown from the invoice finance facility against outstanding trade debtors at the year end date and in the latest management accounts.
The Company has a well-established focus on management of finances and cashflow which has enabled the Company to continue operating effectively. The company's forecasts and projections, taking into account reasonable sensitivities in trading performance, show that the company is able to operate within the level of its current available facilities. The directors believe that the company is well placed to manage its business risks successfully despite the current global political uncertainties. The directors have therefore made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of the accounts. Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the company a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Key sources of estimation uncertainty The estimates and assumptions which have a heightened risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: Stock Provision Balances within stock have been written down in respect of individual items that are no longer expected to sell in the future. When assessing the impairment of stock the directors have considered factors such as the age of the stock items and recent sales activities for such items. Bad debt provision Balances identified within trade debtors have been written down in respect of those customers for which payment is no longer anticipated to be received, ensuring trade debtors are included at their recoverable amount. When assessing recoverability of trade debtor balances the directors have considered factors such as ageing of receivables, past experience of recoverability from individual customers and credit profile of individual customers.
In the opinion of the directors the Company operates in one class of business only. All turnover originated in the United Kingdom and turnover by geographical distribution is shown in the below table.
Analysis of turnover by country of destination:
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
18.Deferred taxation (continued)
Profit and loss account
The Company operates a defined contributions pension scheme. The amount recognised in profit or loss as an expense in relation to defined contribution plans was £265,064 (2023: £259,646). The assets of the scheme are held separately from those of the company in an independently administered fund.
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WILLIAM LAMB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a subsidiary undertaking of William Lamb (Holdings) Limited, a company registered in England and Wales. The ultimate controlling party is Stuart Lamb, Shareholder and Director.
The consolidated financial statements are available to the public, and may be obtained from Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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