REGISTERED NUMBER: 08132710 (England and Wales)

FOR

Page

Company Information  

1

Strategic Report  

2

Report of the Directors  

3

Report of the Independent Auditors  

5

Statement of Income and Retained Earnings  

9

Balance Sheet  

10

Cash Flow Statement  

11

Notes to the Cash Flow Statement  

12

Notes to the Financial Statements

13

DIRECTORS:

K J O'Toole

C J Birrell

P R Pendlebury

R J Blacow

REGISTERED OFFICE:

West Lancs House

Wyrefields

Poulton Business Park

Poulton Le Fylde

Lancashire

FY6 8JX

REGISTERED NUMBER:

08132710 (England and Wales)

SENIOR STATUTORY AUDITOR:

Anthony Mills FCA

AUDITORS:

ma2 Limited

Chartered Accountants and Statutory Auditor

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The Company reported turnover of £20.9m for the 12-month period (2023: £22.8m for an 18-month period). On a like-for-like basis this represents a stable level of trading, with improved gross profitability. Gross profit was £4.2m, reflecting a margin of 20.3%, an increase from 17.9% achieved in the prior period.

Operating profit was £2.18m, leading to a profit before tax of £2.23m. The Company generated strong cash flows, with cash balances closing at £3.6m (2023: £0.8m). Net assets increased to £3.75m (2023: £2.71m) after dividend distributions..

The Company continues to strengthen its market position as a well-established electrical contractor, with a growing workforce and a reputation for delivering high-quality projects across a range of sectors. Investment in property, vehicles and equipment during the year supports the operational capacity required for sustainable growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates within the wider construction industry, which can be subject to cyclical demand and economic uncertainty. Inflationary pressures on subcontractor costs, materials and wages remain a key risk factor.

The business manages these risks through careful contract selection, active monitoring of project costs and maintaining a diverse customer base. Health and Safety remains a top priority, with robust procedures and training in place across all operations.

Staff recruitment and retention are critical in a competitive market. The workforce grew from 56 to 63 during the year, strengthening delivery capacity. Investment in training and development continues to be a focus to retain skilled employees and support long-term growth.

FINANCIAL KEY PERFORMANCE INDICATORS

For the year ended 31 December 2024, the Company generated turnover of £20.9m and achieved a gross profit margin of 20.3%. Operating profit of £2.18m and profit before tax of £2.23m represent a resilient performance in a challenging cost environment.

Shareholders’ funds increased to £3.75m (2023: £2.71m), reflecting strong profitability and robust cash generation.r. Cash balances closed at £3.6m, underlining the strength of the Company’s liquidity position.

The directors consider the results to be satisfactory and believe the business is well placed to build on its strong financial position, healthy order book and experienced workforce in the year ahead.

ON BEHALF OF THE BOARD:

K J O'Toole - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.  

PRINCIPAL ACTIVITY

DIVIDENDS

An interim dividend of 1,026 per share on the Ordinary A £1 shares was paid on .  The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2024 will be £ 410,623 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

K J O'Toole

C J Birrell

P R Pendlebury

R J Blacow

Other changes in directors holding office are as follows:

C K Thelwell - resigned 28 November 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

AUDITORS

The auditors,  ma2 Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K J O'Toole - Director

30 September 2025

Opinion

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:

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

As part of an audit in accordance with ISA's, we exercise professional judgement and maintain professional scepticism throughout. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or,if such disclosures are inadequate, to modify our opinion.  Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

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.

Anthony Mills FCA (Senior Statutory Auditor)

for and on behalf of ma2 Limited

Chartered Accountants and Statutory Auditor

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

30 September 2025

TURNOVER

20,866,424

22,781,183

Cost of sales

16,637,354

18,703,279

GROSS PROFIT

4,229,070

4,077,904

Administrative expenses

2,054,366

2,653,053

2,174,704

1,424,851

Other operating income

-

20,950

OPERATING PROFIT

4

2,174,704

1,445,801

Interest receivable and similar income

56,900

9,414

2,231,604

1,455,215

Interest payable and similar expenses

5

1,397

1,231

PROFIT BEFORE TAXATION

2,230,207

1,453,984

Tax on profit

6

575,598

330,297

PROFIT FOR THE FINANCIAL YEAR

1,654,609

1,123,687

Retained earnings at beginning of year

2,706,498

1,797,415

Dividends

7

(410,623

)

(214,604

)

RETAINED EARNINGS AT END OF

YEAR

3,950,484

2,706,498

FIXED ASSETS

Tangible assets

8

358,792

122,484

CURRENT ASSETS

Stocks

9

2,128,563

1,917,721

Debtors

10

1,520,864

1,940,270

Cash at bank and in hand

3,567,220

833,026

7,216,647

4,691,017

CREDITORS

Amounts falling due within one year

11

3,729,814

2,056,743

NET CURRENT ASSETS

3,486,833

2,634,274

TOTAL ASSETS LESS CURRENT

LIABILITIES

3,845,625

2,756,758

CREDITORS

Amounts falling due after more than one

year

12

(14,812

)

(24,951

)

PROVISIONS FOR LIABILITIES

14

(80,129

)

(25,109

)

NET ASSETS

3,750,684

2,706,698

CAPITAL AND RESERVES

Called up share capital

15

180

200

Retained earnings

16

3,750,504

2,706,498

SHAREHOLDERS' FUNDS

3,750,684

2,706,698

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

K J O'Toole - Director

Cash flows from operating activities

Cash generated from operations

1

3,885,731

389,498

Interest paid

(1,397

)

(1,231

)

Tax paid

(315,709

)

(206,079

)

Net cash from operating activities

3,568,625

182,188

Cash flows from investing activities

Purchase of tangible fixed assets

(280,708

)

(154,871

)

Sale of tangible fixed assets

-

33,890

Interest received

56,900

9,414

Net cash from investing activities

(223,808

)

(111,567

)

Cash flows from financing activities

Loan repayments in year

-

(14,742

)

Capital repayments in year

-

(11,523

)

Share issue

(20

)

-

Share buyback

(199,980

)

-

Equity dividends paid

(410,623

)

(214,604

)

Net cash from financing activities

(610,623

)

(240,869

)

Increase/(decrease) in cash and cash equivalents

2,734,194

(170,248

)

Cash and cash equivalents at

beginning of year

2

833,026

1,003,274

Cash and cash equivalents at end of

year

2

3,567,220

833,026

1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS

Period

1.7.22

Year Ended

to

31.12.24

31.12.23

£   

£   

Profit before taxation

2,230,207

1,453,984

Depreciation charges

44,400

73,840

Government grants

-

(20,950

)

Finance costs

1,397

1,231

Finance income

(56,900

)

(9,414

)

2,219,104

1,498,691

Increase in stocks

(210,842

)

(266,034

)

Decrease in trade and other debtors

423,048

339,836

Increase/(decrease) in trade and other creditors

1,454,421

(1,182,995

)

Cash generated from operations

3,885,731

389,498

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 31 December 2024

31.12.24

1.1.24

£   

£   

Cash and cash equivalents

3,567,220

833,026

Period ended 31 December 2023

31.12.23

1.7.22

£   

£   

Cash and cash equivalents

833,026

1,003,274

3.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£   

£   

£   

Net cash

Cash at bank and in hand

833,026

2,734,194

3,567,220

833,026

2,734,194

3,567,220

Debt

Debts falling due after 1 year

(24,951

)

10,139

(14,812

)

(24,951

)

10,139

(14,812

)

Total

808,075

2,744,333

3,552,408

1.

STATUTORY INFORMATION

West Lancashire Group 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.

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

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Taxation

Deferred tax

Hire purchase and leasing commitments

Pension costs and other post-retirement benefits