ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 02924037

KNOX & WELLS HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

KNOX & WELLS HOLDINGS LIMITED

COMPANY INFORMATION

Directors	G O Leach
	H M Leach


Registered number	02924037


Registered office	Creswell House
	Fieldway
	Heath
	Cardiff
	CF14 4UH


Independent auditor	MHA
	MHA House
	Charter Court
	Phoenix Way
	Swansea Enterprise Park
	Swansea
	SA7 9FS

KNOX & WELLS HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditor's report	4 - 7
Consolidated statement of comprehensive income	8
Consolidated balance sheet	9 - 10
Company balance sheet	11 - 12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15 - 16
Consolidated analysis of net debt	17
Notes to the financial statements	18 - 40

KNOX & WELLS HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Business review

The group's trading results for the financial year are shown in the Income Statement.
The directors were please with the performance of the business during the year. 2024 was a challenging year in the construction industry, with margins remaining extremely competitive. The group has reported a strong operational performance.
The group is in a healthy financial position with good liquidity, a strong net positive cash position, and both net assets and net current assets at the balance sheet date.

Principal risks and uncertainties

The management of the business and execution of the group's strategy are subject to a number of risks.
The key business risks and uncertainties affecting the group are considered to relate to competition from competitors and employee retention. The group manages these risks by providing value added services to its customers, having fast response times to customer queries and maintaining strong relationships with its customers and employees.

Financial key performance indicators

The key performance indicators for the group are as follows:

		2024	2023
		£'000	£'000


Turnover	25,894	35,272
Gross Margin	3,700	4,127
Operating Profit	1,066	655
Net Current Assets	6,304	5,382

This report was approved by the board on 19 September 2025 and signed on its behalf.

H M Leach

Director

Page 1

KNOX & WELLS HOLDINGS 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.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the group in the year under review was that of a holding company of a group primarily trading in the building contracting industry with some ancillary property development, investment and trading activities. The parent company undertakes property investment activities.

Results and dividends

The profit for the year, after taxation, amounted to £984,474 (2023 - £647,126).

Dividends totaling £0 (2023- £745,000) were proposed at the year end.

Directors

The directors who served during the year were:

G O Leach

H M Leach

Future developments

The directors are optimistic about the company future developments and prospects.

Page 2

KNOX & WELLS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Matters covered in the Group strategic report

Included in the group's strategic report is a review of the business and description of the principal risks and uncertainties facing the group.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, MHA, previously traded through the legal entity Macintyre Hudson LLP. In response to regulatory changes, Macintyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 September 2025 and signed on its behalf.

H M Leach

Director

Page 3

KNOX & WELLS HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNOX & WELLS HOLDINGS LIMITED

Opinion

We have audited the financial statements of Knox & Wells Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.

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 Group's or the parent 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.

Page 4

KNOX & WELLS HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNOX & WELLS HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.

Opinion 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 Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

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

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

∙the parent Company 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.

Page 5

KNOX & WELLS HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNOX & WELLS HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 Group 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:

- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred;
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness;
- Evaluating the business rationale of significant transactions outside the normal course of business;
- An assessment of the methodologies used in order to calculate estimates/provisions at the year end for evidence of bias;
- We considered where applicable alternative estimation approaches including using (where available) actual post year end outcomes in order to provide assurance over the potential for material misstatement;
- Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of 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 Auditor's report.

Page 6

KNOX & WELLS HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNOX & WELLS HOLDINGS LIMITED (CONTINUED)

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.

James Dobson BSc (Hons) FCA (Senior statutory auditor)

for and on behalf of

MHA

Statutory Auditor

Swansea, United Kingdom

30 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542).

Page 7

KNOX & WELLS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024


	2024	2023
Note	£	£


Turnover	4	25,893,843	35,271,777
Cost of sales		(22,194,003)	(31,145,121)
Gross profit		3,699,840	4,126,656
Exceptional distribution costs		-	(336,192)
Administrative expenses		(2,678,091)	(3,175,345)
Other operating income	5	29,691	41,964
Fair value movements		14,567	(2,244)
Operating profit	6	1,066,007	654,839
Income from participating interests		197,717	219,498
Income from fixed assets investments		3,943	2,799
Interest receivable and similar income	11	84,446	105,992
Interest payable and similar expenses	12	(33,123)	(41,943)
Profit before taxation		1,318,990	941,185
Tax on profit	13	(334,516)	(294,059)
Profit for the financial year		984,474	647,126


Total comprehensive income for the year		984,474	647,126

Profit for the year attributable to:
Owners of the parent Company	984,474	647,126
	984,474	647,126

The notes on pages 18 to 40 form part of these financial statements.

Page 8

KNOX & WELLS HOLDINGS LIMITED

REGISTERED NUMBER: 02924037

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	16		596,033		598,895
Investments	17		866,049		738,364
Investment property	18		2,000,000		2,000,000
			3,462,082		3,337,259
Current assets
Stocks	19	4,127,759		2,427,850
Debtors: amounts falling due within one year	20	7,148,689		7,581,566
Current asset investments	21	1,505,451		1,458,866
Cash at bank and in hand	22	1,701,850		5,480,525
		14,483,749		16,948,807
Creditors: amounts falling due within one year	23	(8,179,775)		(11,567,284)
Net current assets			6,303,974		5,381,523
Total assets less current liabilities			9,766,056		8,718,782
Provisions for liabilities
Deferred taxation	24	(62,800)		-
			(62,800)		-
Net assets			9,703,256		8,718,782

Capital and reserves
Called up share capital	25	1,800	1,800
Investment property reserve		-	304,308
Profit and loss account		9,701,456	8,412,674
		9,703,256	8,718,782

Page 9

KNOX & WELLS HOLDINGS LIMITED

REGISTERED NUMBER: 02924037

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025.

H M Leach

Director

The notes on pages 18 to 40 form part of these financial statements.

Page 10

KNOX & WELLS HOLDINGS LIMITED

REGISTERED NUMBER: 02924037

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	16		443,025		455,104
Investments	17		2,260		2,260
Investment property			700,000		2,000,000
			1,145,285		2,457,364
Current assets
Stocks	19	9,406		9,406
Debtors: amounts falling due within one year	20	4,115,340		2,814,953
Current asset investments	21	200,997		163,283
Cash at bank and in hand	22	253,395		403,892
		4,579,138		3,391,534
Creditors: amounts falling due within one year	23	(1,871,833)		(2,079,383)
Net current assets			2,707,305		1,312,151
Total assets less current liabilities			3,852,590		3,769,515

Provisions for liabilities
Deferred taxation		(62,800)		-
			(62,800)		-
Net assets			3,789,790		3,769,515

Capital and reserves
Called up share capital	25		1,800		1,800
Investment property reserve			-		304,308
Profit and loss account brought forward		3,463,407		3,763,166
Profit for the year		20,275		109,049
Other changes in the profit and loss account		304,308		(408,808)
Profit and loss account carried forward			3,787,990		3,463,407
			3,789,790		3,769,515

Page 11

KNOX & WELLS HOLDINGS LIMITED

REGISTERED NUMBER: 02924037

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025.

H M Leach

Director

The notes on pages 18 to 40 form part of these financial statements.

Page 12


		KNOX & WELLS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	1,800	640,500	8,174,356	8,816,656
Comprehensive income for the year
Profit for the year	-	-	647,126	647,126
Transfer between reserves	-	(336,192)	336,192	-
Dividends: Equity capital	-	-	(745,000)	(745,000)

At 1 January 2024	1,800	304,308	8,412,674	8,718,782

Profit for the year	-	-	984,474	984,474
Transfer between reserves	-	(304,308)	304,308	-
At 31 December 2024	1,800	-	9,701,456	9,703,256

The notes on pages 18 to 40 form part of these financial statements.

Page 13


		KNOX & WELLS HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	1,800	640,500	3,763,166	4,405,466
Comprehensive income for the year
Profit for the year	-	-	109,049	109,049
Transfer between reserves	-	(336,192)	336,192	-
Dividends: Equity capital	-	-	(745,000)	(745,000)

At 1 January 2024	1,800	304,308	3,463,407	3,769,515
Comprehensive income for the year
Profit for the year	-	-	20,275	20,275
Transfer between reserves	-	(304,308)	304,308	-
At 31 December 2024	1,800	-	3,787,990	3,789,790

The notes on pages 18 to 40 form part of these financial statements.

Page 14

KNOX & WELLS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	1,318,990	941,185
Adjustments for:
Depreciation of tangible assets	50,687	50,662
Deficit on revaluation	-	336,192
Loss on disposal of tangible assets	(2,275)	7,200
Interest paid	33,123	41,943
Interest received	(84,446)	(108,791)
Decrease in stocks	205,460	90,888
(Increase)/decrease in debtors	(2,041,290)	475,726
(Decrease)/increase in creditors	(3,332,611)	3,362,250
Increase in provisions	62,800	-
Net fair value (gains)/losses recognised in P&L	(14,567)	2,244
Share of operating (loss) in joint ventures	(127,685)	(219,498)
Corporation tax (paid)	(393,006)	(167,666)
Net cash generated from operating activities	(4,324,820)	4,812,335

Cash flows from investing activities
Purchase of tangible fixed assets	(1,348,225)	(13,659)
Sale of tangible fixed assets	2,675	-
Sale of investment properties	1,300,000	-
Purchase of current asset investments	-	(315,407)
Purchase of unlisted and other investments	(23,147)	-
Sale of unlisted and other investments	1,318,730	-
Interest received	84,446	108,791
Dividends received	3,943	2,799
Fair value adjustment in listed shares	(27,090)	-
Net cash from investing activities	1,311,332	(217,476)

Page 15

KNOX & WELLS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Repayment of loans	-	(1,027,333)
Dividends paid	-	(400,000)
Interest paid	(33,123)	-
Net cash used in financing activities	(33,123)	(1,427,333)
Net (decrease)/increase in cash and cash equivalents	(3,046,611)	3,167,526
Cash and cash equivalents at beginning of year	5,480,524	2,312,998
Cash and cash equivalents at the end of year	2,433,913	5,480,524

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,433,913	5,480,524
	2,433,913	5,480,524

The notes on pages 18 to 40 form part of these financial statements.

Page 16

KNOX & WELLS HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	Other non-cash changes	At 31 December 2024
£	£	£	£

Cash at bank and in hand	5,480,525	(3,778,675)	-	1,701,850
Debt due within 1 year	(745,000)	745,000	-	-
Liquid investments	163,283	-	37,714	200,997
	4,898,808	(3,033,675)	37,714	1,902,847

The notes on pages 18 to 40 form part of these financial statements.

Page 17

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Knox & Wells Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found below:.

	Registered number	02924037

	Registered office address	Creswell House Fieldway Heath Cardiff CF14 4UH

The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

Page 18

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company and the group will continue in operational existence for the foreseeable future. The directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report. At the time of approving the financial statements, the directors have a reasonable expectation that the company and the group have adequate resources in place to continue in operational existence for the foreseeable future, and therefore they continue to adopt the going concern basis in preparing the financial statements.

2.4

Related party exemption

The company has taken advantage of an exemption, under the terms of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Revenue includes rental income which is recognised in the period to which it relates, in accordance with tenant lease agreements.

2.6

Amounts recoverable on contracts

Amounts recoverable on long-term contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Cumulative costs incurred net of amounts transferred to cost of sales, less provision for contingencies and anticipated future losses on contracts, are included as long-term contract balances in stock. Turnover is determined by reference to the value of work carried out to date. Turnover is determined by reference to the value of work carried out to date. A provision is made for all losses expected to arise on completion of contracts at the balance sheet date.

Page 19

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property	-	2%	on cost
Plant and machinery	-	25%	straight line
Motor vehicles	-	25%	reducing balance

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.

2.13

Investment properties

Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 21

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.17

Long-term contract work in progress

Long-term contract work in progress represents costs incurred on contracts, net of amounts transferred to cost of sales in respect of work recorded as turnover, less foreseeable losses and payments on account not matched with turnover. Turnover is determined by reference to the value of work carried out to date.

Provision is made for all losses expected to arise in completion of contracts at the balance sheet date.

Claims against customers for extensions to time or for additional work carried out and not contracted for are only added to valuations when certified by the architect or if not certified, when cash is received.

2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 23

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.22

Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 24

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the revision affects only that period, or in the period of revision and future period where the revision affects both current and future periods. The following items are those that management consider to have the most significant effect on the financial statements :

Construction contracts: Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertake detailed reviews in order to exercise judgement over the outcome of each contract. The age and recoverability of debtors and amounts recoverable on contracts are reviewed regularly by management and provisions made where appropriate.

Building contracting and rents receivable	25,893,843	35,271,777
	25,893,843	35,271,777

Page 25

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

.
	2024	2023
	£	£

Building contracting	25,677,852	34,952,606
Rents receivable	153,558	319,171
	25,831,410	35,271,777

All turnover arose within the United Kingdom.

5.	Other operating income
		2024	2023
		£	£

Sundry income	29,691	41,964
	29,691	41,964

Hire of plant and equipment

418,600

607,406

Page 26

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements	13,805	7,075
Fees payable to the Company's auditor in respect of:
Tax compliance services	2,500	550
All non-audit services not included above	3,250	-

Page 27

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2024	2023
		£	£


Wages and salaries	3,153,665	3,464,763
Social security costs	381,786	294,037
Cost of defined contribution scheme	310,156	608,259
	3,845,607	4,367,059

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Directors	2	2
Building & construction	54	52
Administrative	10	9

	66	63

9.	Directors' remuneration
		Group 2024	Group 2023
		£	£

Directors' emoluments	734,379	381,133
Company contributions to defined contribution pension schemes	24,420	26,329
	758,799	407,462

Group
During the year retirement benefits were accruing to 7 directors (2023 - 6) in respect of defined contribution pension schemes.

Page 28

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Income from investments
		2024	2023
		£	£

Dividends received from investments	(3,943)	(2,799)
	(3,943)	(2,799)

11.	Interest receivable
		2024	2023
		£	£

Interest receivable from related companies	5,126	5,626
Other interest receivable	79,320	100,366
	84,446	105,992

12.	Interest payable and similar expenses
		2024	2023
		£	£

	Share of interest payable in joint ventures	33,123	41,943
		33,123	41,943

Page 29

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	235,369	293,908
Adjustments in respect of previous periods	(562)	151
Tax on joint venture	36,909	-
	271,716	294,059

Total current tax	271,716	294,059

Deferred tax
Origination and reversal of timing differences	62,800	-
Total deferred tax	62,800	-


		334,516	294,059

Page 30

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.Taxation (continued)

Profit on ordinary activities before tax

1,318,990

941,185

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	329,748	221,367
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	62,895	948
Income not taxable for tax purposes	(53,395)	-
Capital gains tax differences	(5,169)	-
Adjustments to tax charge in respect of prior periods	(562)	151
Other timing differences leading to an increase (decrease) in taxation	62,800	-
Chargeable losses	-	(79,074)
Fixed asset differences	12,104	2,587
Adjustments on Joint venture income	(4,240)	-
Exempt distributions	(986)	-
Other differences leading to an increase (decrease) in the tax charge	(68,679)	148,080
Total tax charge for the year	334,516	294,059

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

14.	Dividends
		2024	2023
		£	£

	Dividends	-	745,000
		-	745,000

Page 31

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £20,275 (2023 - £109,049).

16.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	550,000	582,997	414,684	1,547,681
Additions	-	6,882	41,343	48,225
Disposals	-	-	(75,119)	(75,119)
At 31 December 2024	550,000	589,879	380,908	1,520,787
Depreciation
At 1 January 2024	110,000	500,352	338,434	948,786
Charge for the year on owned assets	11,000	12,919	26,768	50,687
Disposals	-	-	(74,719)	(74,719)
At 31 December 2024	121,000	513,271	290,483	924,754
Net book value
At 31 December 2024	429,000	76,608	90,425	596,033
At 31 December 2023	440,000	82,645	76,250	598,895

Page 32

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 January 2024	550,000	31,061	581,061
At 31 December 2024	550,000	31,061	581,061
Depreciation
At 1 January 2024	110,000	15,957	125,957
Charge for the year on owned assets	11,000	1,079	12,079
At 31 December 2024	121,000	17,036	138,036
Net book value
At 31 December 2024	429,000	14,025	443,025
At 31 December 2023	440,000	15,104	455,104

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

Freehold	429,000	440,000
	429,000	440,000

The historical cost of the freehold property is £506,500 (2023 - £506,500). If the property had not been valued the net book value would be £225,069 as at 31 December 2024 (2023 - £235,199).

Page 33

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Fixed asset investments
	Group

	Listed investments	Investment in joint ventures	Total
	£	£	£
Cost or valuation
At 1 January 2024	36,550	701,814	738,364
Share of profit/(loss)	-	127,685	127,685
At 31 December 2024	36,550	829,499	866,049

	Company

	Investments in subsidiary companies	Investment in joint ventures	Total
	£	£	£
Cost or valuation
At 1 January 2024	2,200	60	2,260
At 31 December 2024	2,200	60	2,260

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Knox & Wells Limited	Creswell House, Field Way, Cardiff, CF14 4UH	Building Contractors	Ordinary	100%
K & W Property Trading Limited	Creswell House, Field Way, Cardiff, CF14 4UH	Property development and investment	Ordinary	100%
K & W Bloodstock Limited	Creswell House, Field Way, Cardiff, CF14 4UH	Trading and investment in bloodstock	Ordinary	100%
QS Cardiff Properties Limited	Creswell House Field Way, Heath, Cardiff, CF14 4UH	Buying and selling real estate	Ordinary	100%

Page 34

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Knox & Wells Limited	4,210,785	756,816
K & W Property Trading Limited	(133,377)	31,445
K & W Bloodstock Limited	960,032	(533)
QS Cardiff Properties Limited	48,845	48,785

Joint ventures
The following were joint ventures of the Company:
Name	Registered office	Principal activity	Holding

	K & W Developments Limited	Cresswell House, Field Way, Cardiff, South Glamorgan, CF14 4UH	Property Trading, development and investment	50%
	K & W Developments (Wales) Ltd	Cresswell House, Field Way, Cardiff, South Glamorgan, CF14 4UH	Property development and trading	50%

Knox and Wells Holdings Limited 50% interest in K & W Developments (Wales) Ltd is held via its 50% shareholding in K & W Developments Limited.

.	K&W Developments Limited
		2024	2023
		£	£

	Aggregate of share capital and reserves	2,188,680	1,931,517
	Profit	257,162	358,133

.	K&W Developments (Wales) Ltd
		2024	2023
		£	£

	Aggregate of share capital and reserves	(2,070,497)	(2,068,707)
	Loss	(1,790)	(3,023)

Page 35

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Investment property
	Group

		Investment property
		£
	Valuation
	At 1 January 2024	2,000,000
	Additions at cost	1,300,000
	Disposals	(1,300,000)
	At 31 December 2024	2,000,000

The 2024 valuations were made by independent valuation, on an open market value for existing use basis.

	If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
					2024
					£

	Historic cost	700,000
		700,000

	Company

		Freehold investment property
		£
	Valuation
	At 1 January 2024	2,000,000
	Disposals	(1,300,000)
	At 31 December 2024	700,000

The 2024 valuations were made by independent valuation, on an open market value for existing use basis.

Page 36

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Stocks
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Stocks	4,127,759	2,427,850	9,406	9,406
	4,127,759	2,427,850	9,406	9,406

20.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	5,257,793	5,868,929	25,887	25,500
Amounts owed by group undertakings	-	-	2,696,109	1,396,109
Amounts owed by joint ventures and associated undertakings	1,780,037	1,594,925	1,368,747	1,368,747
Other debtors	42,615	65,215	24,597	24,597
Prepayments and accrued income	68,244	52,497	-	-
	7,148,689	7,581,566	4,115,340	2,814,953

21.	Current asset investments
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Other investments	1,304,454	1,295,583	-	-
Listed investments	200,997	163,283	200,997	163,283
	1,505,451	1,458,866	200,997	163,283

Market value of listed investments at 31 December 2024 held by the group and the company is £200,997 (2023 - £163,283). Listed investments are carried at fair value.

Page 37

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	1,701,850	5,480,525	253,395	403,892
	1,701,850	5,480,525	253,395	403,892

23.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	6,677,126	7,939,885	-	-
Amounts owed to group companies	-	-	1,803,614	1,241,798
Corporation tax	235,369	293,859	30,058	48,047
Other taxation and social security	607,946	1,363,268	1,501	7,878
Other creditors	167,095	946,552	-	745,000
Accruals and deferred income	492,239	1,023,720	36,660	36,660
	8,179,775	11,567,284	1,871,833	2,079,383

24.	Deferred taxation
	Group

		2024
		£

	Charged to profit or loss	(62,800)
	At end of year	(62,800)

Page 38

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.Deferred taxation (continued)

Company

		2024
		£

	Charged to profit or loss	(62,800)
	At end of year	(62,800)

		Group	Company
		2024	2024
		£	£

	Accelerated capital allowances	(62,800)	(62,800)
		(62,800)	(62,800)

Page 39

KNOX & WELLS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1,800 (2023 - 1,800) Ordinary shares of £1.00 each	1,800	1,800

26.	Pension commitments

The subsidiary company Knox & Wells Limited, operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the subsidiary company in an independently administered fund. The pension charge represents contributions payable by the company to the pension fund and amounted to £305,613 (2023 - £608,258).

27.	Controlling party

The directors do not consider there to be a ultimate controlling party.

Page 40