Company No: 01977927 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	602,373		833,102
Tangible assets	4	2,283,185		2,303,303
Investment property	5	375,000		375,000
Investments	6	1,100		1,100
		3,261,658		3,512,505
Current assets
Stocks		44,468		47,924
Debtors
- due within one year	7	690,056		587,125
- due after more than one year	7	23,260		23,500
Cash at bank and in hand		1,104,140		875,842
		1,861,924		1,534,391
Creditors: amounts falling due within one year	8	( 1,628,230)		( 1,472,575)
Net current assets		233,694		61,816
Total assets less current liabilities		3,495,352		3,574,321
Creditors: amounts falling due after more than one year	9	( 174,555)		( 252,628)
Provision for liabilities	10	( 85,776)		( 91,724)
Net assets		3,235,021		3,229,969
Capital and reserves
Called-up share capital		100		100
Fair value reserve		7,222		7,222
Profit and loss account		3,227,699		3,222,647
Total shareholders' funds		3,235,021		3,229,969

For the financial year ending 31 May 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of A J Wakely & Sons Limited (registered number: 01977927) were approved and authorised for issue by the Board of Directors on 03 September 2025. They were signed on its behalf by:

C J Wakely Director

S Wakely Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A J Wakely & Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 91 East Street, Bridport, DT6 3LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Other operating income is recognised at the fair value of the consideration received or receivable for rent charged in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Other operating income is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is five years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 - 50 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	71		70

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 June 2024	2,934,326		2,934,326
At 31 May 2025	2,934,326		2,934,326
Accumulated amortisation
At 01 June 2024	2,101,224		2,101,224
Charge for the financial year	230,729		230,729
At 31 May 2025	2,331,953		2,331,953
Net book value
At 31 May 2025	602,373		602,373
At 31 May 2024	833,102		833,102

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 June 2024	2,421,980		1,356,899		230,622		268,637		65,739		4,343,877
Additions	67,798		0		0		28,781		34,264		130,843
At 31 May 2025	2,489,778		1,356,899		230,622		297,418		100,003		4,474,720
Accumulated depreciation
At 01 June 2024	526,639		1,161,957		124,411		179,227		48,340		2,040,574
Charge for the financial year	47,989		48,736		26,553		15,609		12,074		150,961
At 31 May 2025	574,628		1,210,693		150,964		194,836		60,414		2,191,535
Net book value
At 31 May 2025	1,915,150		146,206		79,658		102,582		39,589		2,283,185
At 31 May 2024	1,895,341		194,942		106,211		89,410		17,399		2,303,303

5. Investment property

	Investment property
	£
Valuation
As at 01 June 2024	375,000
As at 31 May 2025	375,000

Valuation

The investment property was revalued at 31 May 2023 by the directors on a market value basis. There has been no material change in value since that date.

There has been no valuation of investment property by an independent valuer.

6. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 June 2024	1,100
At 31 May 2025	1,100
Carrying value at 31 May 2025	1,100
Carrying value at 31 May 2024	1,100

At the balance sheet date the company had 2 wholly owned subsidiaries, both dormant companies. There were no further acquisitions within the period.

7. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	642,041		537,239
Other debtors	48,015		49,886
	690,056		587,125
Debtors: amounts falling due after more than one year
Other debtors	23,260		23,500

Debtors falling due after more than one year are repayable by instalments, with no interest being charged.

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	76,411		73,489
Trade creditors	126,610		132,709
Amounts owed to Group undertakings	13,393		13,393
Taxation and social security	232,058		189,711
Other creditors	1,179,758		1,063,273
	1,628,230		1,472,575

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	174,555		252,628

Bank borrowings are secured by a fixed legal charge over the respective freehold properties.

10. Provision for liabilities

	2025		2024
	£		£
Deferred tax	85,776		91,724

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	98,342		85,647
between one and five years	166,728		142,588
after five years	3,000		30,155
	268,070		258,390

The total commitment shown above is in relation to non-cancellable operating leases on business premises and equipment.

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemptions provided from disclosing transactions with its wholly owned subsidiaries.