Year Ended
Registration number:
Wright Bros. 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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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Wright Bros. Limited
Company Information
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Directors |
R J C Hancock B P L Wright |
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Company secretary |
R J C Hancock L Gowler |
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Registered office |
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Auditors |
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Wright Bros. Limited
Strategic Report for the Year Ended 30 December 2024
The directors present their strategic report for the year ended 30 December 2024. This is for the 52 weeks ended 29 December 2024.
Principal activity
The principal activity of the company continued to be those of the online retail and wholesale distribution of seafood.
Fair review of the business
Despite a modest fall in average order value due to pressures in the hospitality industry, the company continued to attract new customers with quality and service, delivering annual turnover of £21.2m.
The fruits of the company’s significant investments in additional factory space and people started to bear fruit. The company delivered a positive operating profit and increased net profit after tax by £329k.
The directors have concluded that there is no material uncertainty regarding the ability of the company to continue as a going concern for a period of at least 12 months from the date of approval of these accounts and that it remains appropriate to prepare the financial statements on the going concern basis.
These expectations are based on the following assessments and a review of risks and uncertainties which take into account the current economic climate.
Principal risks and uncertainties
Given the nature of the company's business, the principal business risks relate to the following:
• The UK economy as a whole and in particular, the cost of living crisis, the impact of inflation, rising interest rates and utility costs on consumer spending.
• Competition and pricing in the sector.
• Customer satisfaction and transparency of ratings.
• Health and safety and compliance with legislative or regulatory requirements.
• Employee retention.
• Supply chain and timely supplies of quality product.
• Failure to withstand the impact of an event or combination of events that significantly disrupts all or a substantial part of the company's sales or operations (e.g. pandemic).
The above risks are partly mitigated by the following key measures:
• We have a diversified business covering wholesale, retail and restaurants.
• A continued focus on delivering quality produce with great service to our customers at competitive prices.
• Competitive reward structures and comprehensive training and development programs.
• Close monitoring against key supplier service level agreements, with contingent arrangements in place where necessary.
• Building strong relationships and increasing engagement with key stakeholders including landlords and providers of finance.
• Policies and training in place in respect of key compliance areas.
• Close monitoring of trading performance, margins, costs and cash flow forecasts.
Wright Bros. Limited
Strategic Report for the Year Ended 30 December 2024
Key Performance Indicators
The directors consider the key indicators of the performance of the company, both financial and non-financial, to be turnover, number of customers, average spend, labour costs, gross profit percentage and EBITDA. We also monitor customer reviews and ratings.
Financial instruments
Objectives and policies
The company uses financial instruments comprising a trade finance facility, cash and other liquid resources. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are curency risk, interest rate risk, liquidity risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous periods.
Price risk, credit risk, liquidity risk and cash flow risk
Currency Risk
The company is exposed to transaction foreign exchange risk in that approximately 9% of stock purchases are denominated in Euros. To mitigate this risk, from time to time the company enters into forward foreign currency contracts purchasing Euros up to one month in advance. Whilst the aim is to achieve an economic hedge, the company does not adopt an accounting policy of hedge accounting in these financial statements.
Interest Rate Risk
The company finances its operations through its positive trading cash flow, a trade financing facility from its principal banker HSBC Bank plc. The interest rate is a combination of fixed margin and variable base rate.
Liquidity Risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Primarily this is achieved through close management control of working capital and utilisation of existing debt facilities.
Credit Risk
The company’s principal financial assets are its cash and trade debtors.
To manage the credit risk arising from trade debtors, credit limits are set or declined for each customer, based on an independent credit check, past trading history and any other relevant ancillary information we can obtain on the customer. The company regularly monitors and reviews the financial position and payment history of its customers and amends their credit limits as appropriate.
Approved and authorised by the
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Wright Bros. Limited
Directors' Report for the Year Ended 30 December 2024
The directors present their report and the financial statements for the year ended 30 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Results and dividends
The results for the period are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
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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Wright Bros. 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.
Wright Bros. Limited
Independent Auditor's Report to the Members of Wright Bros. Limited
Qualified opinion
We have audited the financial statements of Wright Bros. Limited (the 'company') for the year ended 30 December 2024, which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 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 qualified opinion on financial statements
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 qualified 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 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.
Wright Bros. Limited
Independent Auditor's Report to the Members of Wright Bros. Limited
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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £510,082 held at 30 December 2024 which are included in the balance sheet. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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
Except for the matter described in the basis for qualified opinion section of our report, 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.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
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:
• 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.
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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.
Wright Bros. Limited
Independent Auditor's Report to the Members of Wright Bros. Limited
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:
As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the company and the sector in which it operates to identify the key laws and regulations affecting the company.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.
We discussed with management how the compliance with these laws and regulations is monitored and we discussed the 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 company'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 the following:
- 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 to meet the Group's bank loan covenants.
In response to the identified risk, as part of our audit work we:
- Used data analytics to test journal entries throughout the year and year end adjustments, 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; and
- Reviewed the basis of costs recharged between group companies making sure that there is a clear
justification. We challenged management and assessed the reasonableness of all recharges.
Wright Bros. Limited
Independent Auditor's Report to the Members of Wright Bros. Limited
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.
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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Lowin House
Tregolls Road
Cornwall
TR1 2NA
Wright Bros. Limited
Statement of Income and Retained Earnings
Year Ended 30 December 2024
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Note |
2024 |
2023 |
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Turnover |
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|
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Cost of sales |
( |
( |
|
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Additional Information |
|||
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Adjusted earnings before interest, tax, depreciation, amortisation, parent company cost allocation and exceptional costs |
314,685 |
732,607 |
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Non-recurring operating costs |
(18,750) |
(75,000) |
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Non-recurring marketing costs |
- |
(46,277) |
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|
Bad and doubtful debts |
(65,089) |
(111,549) |
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Parent Company recharges |
- |
(399,218) |
|
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Depreciation and amortisation |
(186,893) |
(175,761) |
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|
Operating profit/(loss) |
|
( |
|
|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar charges |
( |
( |
|
|
(178,328) |
(186,544) |
||
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Loss before tax |
( |
( |
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Taxation |
|
|
|
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Profit/(loss) for the financial year |
|
( |
|
|
Retained earnings brought forward |
(1,055,719) |
(801,701) |
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Retained earnings carried forward |
(981,224) |
(1,055,719) |
Wright Bros. Limited
Balance Sheet
30 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
- |
( |
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Net liabilities |
( |
( |
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|
Capital and reserves |
|||
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Called up share capital |
|
|
|
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Profit and loss account |
( |
( |
|
|
Shareholders' deficit |
( |
( |
Approved and authorised by the
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Company Registration Number: 04551967
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 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:
These financial statements were authorised for issue by the
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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 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.
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.
Summary of disclosure exemptions
FRS 102 grants a qualifying entity exemptions from the full requirements of FRS102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity.
The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its ultimate parent company, Wright Bros. Holdings Limited, included the company's cash flows in its own consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Wright Bros. Holdings Limited group.
Name of parent of group
These financial statements are consolidated in the financial statements of Wright Bros. Holdings Limited.
The financial statements of Wright Bros. Holdings Limited may be obtained from its registered office, 56 Old Brompton Road, London SW7 3DY .
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
Going concern
The financial statements have been prepared on a going concern basis.
The directors have concluded that there is no material uncertainty regarding the ability of the company to continue as a going concern for a period of at least 12 months from the date of approval of these accounts and that it remains appropriate to prepare the financial statements on the going concern basis.
These expectations are based on the following assessments and a review of risks and uncertainties which take into account the current economic climate.
Management have completed and sensitised a forecast to September 2026. Taking into consideration the improved performance we have seen as well as reviewing market uncertainties this performance shows continued liquidity.
Detailed cash flow forecasts based on the sensitised budget looking forward 12 months are maintained and reviewed weekly.
The company meets its day-to-day working capital requirements through its own resources and bank facilities as disclosed in notes 13, 14 and 15. The company's net current liabilities position at the period end is due mainly to the availability of supplier credit terms on day to day purchasing and the short term bank finance.
As with any business placing reliance on future forecasts, the directors acknowledge that there can be no certainty that future forecasts will be achieved given the challenges the business has faced over the last 5 years since the start of the pandemic in the UK and the more general macro-economic uncertainties affecting discretionary consumer spend and the cost and availability of debt in the financial markets.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when: the risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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 is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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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Leasehold land buildings |
Over the lease term |
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Plant and equipment |
20% straight line |
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Fixtures and fittings |
20% straight line |
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Office equipment |
20% straight line |
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Motor vehicles |
Over the lease term |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost basis.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Loans with 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 loans with group companies, 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.
Group company loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
|
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Sale of seafood and related products |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Operating profit/(loss) |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange gains |
- |
( |
|
Operating lease expense - other |
|
|
|
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 |
|
|
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Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
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Distribution |
|
|
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Other departments |
|
|
|
|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
- |
|
|
Contributions paid to money purchase schemes |
- |
|
|
- |
3,656 |
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
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Other interest receivable and similar income |
|
2024 |
2023 |
|
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Other finance income |
|
|
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Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
( |
|
Other finance costs |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
- |
|
UK corporation tax adjustment to prior periods |
( |
- |
|
(110,714) |
- |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
- |
|
Arising from changes in tax rates and laws |
- |
( |
|
Total deferred taxation |
( |
( |
|
Tax receipt in the income statement |
( |
( |
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Decrease from tax losses for which no deferred tax asset was recognised |
( |
- |
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
( |
- |
|
Tax increase from effect of unrelieved loss on disposal of operations |
- |
|
|
Total tax credit |
( |
( |
Deferred tax
Deferred tax assets and liabilities
|
2023 |
Asset |
Liability |
|
- |
|
|
|
- |
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Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 31 December 2023 |
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Additions |
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- |
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At 30 December 2024 |
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Depreciation |
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At 31 December 2023 |
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Charge for the year |
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At 30 December 2024 |
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Carrying amount |
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At 30 December 2024 |
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At 30 December 2023 |
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Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
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2024 |
2023 |
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Plant and equipment |
48,414 |
58,201 |
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Motor vehicles |
56,402 |
81,053 |
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104,816 |
139,254 |
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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- |
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Other debtors |
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Prepayments |
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Income tax asset |
- |
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Less non-current portion |
( |
- |
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Details of trade and other debtors
£1,011,679 (2023 -£Nil) of amounts owed to group undertakings is classified as non current.
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Cash and cash equivalents |
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2024 |
2023 |
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Cash on hand |
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Cash at bank |
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Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accruals |
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Corporation tax |
42 |
- |
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Trade financing facility |
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Due after one year |
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Loans and borrowings |
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Other creditors |
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The trade financing facility is secured by a fixed and floating charge over the related trade debtors. Interest is charged at a rate of 3%.
The other creditors over one year relates to amounts owed to group undertakings. This bears interest at bank base rate +3% and are repayable within 5 years.
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Loans and borrowings |
Current loans and borrowings
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2024 |
2023 |
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Finance lease liabilities |
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Non-current loans and borrowings
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2024 |
2023 |
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Finance lease liabilities |
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Finance leases are secured over the related assets.
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Provisions for liabilities |
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Deferred tax |
Total |
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At 31 December 2023 |
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Increase (decrease) in existing provisions |
( |
( |
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At 30 December 2024 |
- |
- |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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250,000 |
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250,000 |
Wright Bros. Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Commitments |
The company has guaranteed the borrowings of its parent company and fellow subsidiary companies as part of group banking and financing arrangements. This guarantee is secured by a fixed and floating charge over the assets of the companies involved. At 31 December 2024, the contingent liability in respect of this guarantee was £1,457,239 (2024 - £2,075,145).
The company is included in a group registration for VAT purposes with its parent and fellow subsidiary companies. All members of the VAT group are jointly and severally liable for the total amount of VAT due and at 31 December 2024, the contingent liability in respect of this group registration was £135,658 (2023: £nil).
The company is guarantor on the lease entered into by its fellow subsidiary WBBX2 Limited. At the balance sheet date the amount guaranteed was £182,000.
The company also holds a guarantee in favour of South West Trawler Agents for £120,000.
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Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is
The address of Wright Bros. (Holdings) Limited is:
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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 £
Contributions totalling £
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Related party transactions |
In accordance with FRS102 Section 33 "Related Party Disclosures" the company has taken advantage of the exemption not to disclose transactions with any other wholly owned member of the group.