Company registration number 6088612 (England and Wales)
WHT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
31 March 2025
WHT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr H A Wallwork
Miss S J Wallwork
Mr I C Griffin
Mr S P Collins
Secretary
Mr I Charleston
Company number
6088612
Registered office
Wallwork Offices
69 Hacking Street
Bury
Lancashire
BL9 0RG
Auditor
Shorts Chartered Accountants and Statutory Auditors
Cedar House
63 Napier Street
Sheffield
S11 8HA
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WHT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
WHT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Fair Review of the Business

Turnover was down on 2023-24 because last year included high sales for machine build. The revenue from processing increased and was in line with target. Costs were well controlled, although there were increases in the cost of doing business; particularly in payroll, insurance, business rates and water costs.

All sites are contributing positively to the overall result; the Consett site was forecast to improve further in the 2024-2025 financial year and this was achieved.

The current global issues have presented and will continue to present challenges in the future, with the business reacting well to the changing market and global uncertainties. The directors and the staff worked together, pushing the group forward, with the company ethos of customer support and high levels of quality and it is this that will prevail in this current changing world.

Principal Risks and Uncertainties

The Wallwork Group operates 4 companies in different geographic areas in the UK, each one linked together on a daily basis with our own transport fleet. Staff promote the group position as well as representing the site at which they work. Therefore, as a group we are very strong and more able to offer a consistent, quality service to our customers.

Markets are changing and are more technically challenging than ever before. We work in specialist markets such as aerospace, defence and motorsport and this does insulate us from some of the global uncertainties. Our customers are under more external pressures with quality, turnaround and price being just 3 issues; we work closely with them to help reduce risk for the benefit of ours and their business.

Identified risks are as follows:

- The ongoing conflicts in Ukraine and the Middle East continue to impact supply chains and add extra costs and lead times to imported parts.

- The new US president has increased trade tariffs causing disruption in the world economy. The uncertainty caused by this is making the ability to plan for the future particularly difficult with international trade very problematic.

- The UK Government has changed and the increase in employers’ national insurance has already added extra costs. The prospect of other changes to employment law will also increase administration costs in the business.

- The relationship between the US and China seem to have worsened; this being a risk for global stability.

Analysis of Development and Performance

Capital investment has been high in these uncertain times;

- In Birmingham, 2 new vacuum furnaces have been commissioned along with gas nitride plant. The site is also undergoing a front of house up grade to enhance the customer experience.

- Consett saw the allocation of capital spending for deep salt nitrocarburizing plant which will come online mid-2025.

- The Bury plant had new washing capacity added in the sealed quench department, new offices were added enabling production, sales and quality to better interact in one space. There was also further development for the HIP centre with another HIP being installed with commissioning for the unit forecast to be June 2025.

- The Cambridge site has seen upgrades to the PVD plant and the moving of the plasma nitride dept to a different location on the site which has provided more space for this growing process. Office upgrades have also taken place and front-end security of the site has been enhanced. This continued upgrade of site and process capability is thus ensuring we have the ability to further support our customer base.

- All sites produced a positive return on sales which has enabled the continued capital spend, thus fulfilling a business objective where at least 10% of turnover is reinvested.

WHT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

The directors use the Key Performance Indicators defined to manage the business. The key performance indicators are sales growth, operating profit and operating profit margins. The directors consider that the performance of the business in accordance with these metrics increasing slightly in 2025 over 2024.

| 2025 | 2024 |
Turnover (£000) | 28,8 40 | 29,866 |
Sales growth (%) | (3.4)% | 14.9% |
Operating Profit (£000) | 3,677 | 3,419 |
Operating Profit Margin (%) | 1 2.7% | 11.4% |
The directors consider this performance satisfactory.

Promoting the success of the company

The on-going success of our business is due largely to the dedication of all the staff. The company has always been people centric and due to the values imparted to the company by the Wallwork family will remain employee and customer focused. It is refreshing in the current times that the directors are, with the owners blessing, able to invest as much back into the business as they do. In this industry the ongoing investment in new equipment is essential to keep pace with the ever-changing needs of the customer. HIP (Hot Isostatic Pressing) is a great example of this, where we have invested in equipment that is future proofed in terms of the pressures it can achieve; these high pressures will for the future be particularly valuable to the additive manufacturing industry who are continuing to develop this method of manufacture.

On behalf of the board

Mr I C Griffin
Director
24 September 2025
WHT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the group continued to be that of the heat treatment of metals and surface engineering.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr H A Wallwork
Miss S J Wallwork
Mr I C Griffin
Mr S P Collins
Research and development

We engage in world class research for the development of processes in house as well as external projects with academic and multinational commercial partners.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees matters likely to affect employees' interests. Information of matters of concern to employees is disseminated in ways which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Future developments

Investment in new plant and machinery is planned for the next financial year. There is continuing focus on energy costs, which have risen significantly after the invasion of Ukraine, and staff development and training. The machine build business continues to grow with orders received from the pharmaceutical industry and from academia.

Auditor

Shorts Chartered Accountants and Statutory Auditors were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

WHT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr I C Griffin
Director
24 September 2025
WHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHT HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of WHT Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2025 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 and parent 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 group's and 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHT HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

WHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHT HOLDINGS LIMITED
- 7 -
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

- the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Company operates in, we identified the laws and regulations applicable to the Company; and

- focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- considered journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing any correspondence with HMRC, relevant regulators and the Company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

WHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHT HOLDINGS LIMITED
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Howard Freeman
For and on behalf of Shorts Chartered Accountants and Statutory Auditors, Statutory Auditor
Chartered Accountants
Cedar House
63 Napier Street
Sheffield
S11 8HA
24 September 2025
WHT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
28,840,168
29,866,095
Cost of sales
(17,120,410)
(18,046,062)
Gross profit
11,719,758
11,820,033
Distribution costs
(2,253,149)
(2,204,738)
Administrative expenses
(5,921,518)
(6,223,213)
Other operating income
131,748
26,509
Operating profit
4
3,676,839
3,418,591
Interest receivable and similar income
8
305,198
229,900
Interest payable and similar expenses
9
(236,071)
(207,771)
Profit before taxation
3,745,966
3,440,720
Tax on profit
10
(860,678)
(837,555)
Profit for the financial year
2,885,288
2,603,165
Other comprehensive income
Revaluation of tangible fixed assets
1,057,282
-
0
Total comprehensive income for the year
3,942,570
2,603,165
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WHT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1
1
Tangible assets
12
34,968,355
28,217,800
Investments
13
302,168
302,168
35,270,524
28,519,969
Current assets
Stocks
15
568,066
581,449
Debtors
16
8,872,969
8,771,716
Cash at bank and in hand
8,555,417
6,399,161
17,996,452
15,752,326
Creditors: amounts falling due within one year
17
(6,598,157)
(4,547,966)
Net current assets
11,398,295
11,204,360
Total assets less current liabilities
46,668,819
39,724,329
Creditors: amounts falling due after more than one year
18
(3,705,721)
(2,750,738)
Provisions for liabilities
Deferred tax liability
20
6,953,097
5,189,069
(6,953,097)
(5,189,069)
Net assets
36,010,001
31,784,522
Capital and reserves
Called up share capital
22
2,073
2,073
Revaluation reserve
4,678,595
3,621,313
Capital redemption reserve
638
638
Profit and loss reserves
31,328,695
28,160,498
Total equity
36,010,001
31,784,522
The financial statements were approved by the board of directors and authorised for issue on 24 September 2025 and are signed on its behalf by:
24 September 2025
Mr I C Griffin
Director
Company registration number 6088612 (England and Wales)
WHT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
1,261,101
1,327,475
Tangible assets
12
12,410,000
11,000,000
Investments
13
8,998,471
8,715,562
22,669,572
21,043,037
Current assets
Debtors
16
9,435,165
8,356,536
Cash at bank and in hand
3,774,414
3,288,541
13,209,579
11,645,077
Creditors: amounts falling due within one year
17
(393,083)
(653,486)
Net current assets
12,816,496
10,991,591
Total assets less current liabilities
35,486,068
32,034,628
Creditors: amounts falling due after more than one year
18
(3,705,721)
(2,750,738)
Provisions for liabilities
Deferred tax liability
20
1,654,796
1,302,078
(1,654,796)
(1,302,078)
Net assets
30,125,551
27,981,812
Capital and reserves
Called up share capital
22
2,073
2,073
Revaluation reserve
4,678,595
3,621,313
Capital redemption reserve
638
638
Other reserves
3,879,209
3,596,300
Profit and loss reserves
21,565,036
20,761,488
Total equity
30,125,551
27,981,812
WHT HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 12 -

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £803,548 (2024 - £970,428 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 September 2025 and are signed on its behalf by:
24 September 2025
Mr I C Griffin
Director
Company registration number 6088612 (England and Wales)
WHT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2023
2,073
3,621,313
638
24,793,415
28,417,439
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
2,603,165
2,603,165
Share based payments
-
-
-
763,918
763,918
Balance at 31 March 2024
2,073
3,621,313
638
28,160,498
31,784,522
Year ended 31 March 2025:
Profit for the year
-
-
-
2,885,288
2,885,288
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,057,282
-
-
1,057,282
Total comprehensive income
-
1,057,282
-
2,885,288
3,942,570
Share based payments
-
-
-
282,909
282,909
Balance at 31 March 2025
2,073
4,678,595
638
31,328,695
36,010,001
WHT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 April 2023
2,073
3,621,313
638
2,832,382
19,791,060
26,247,466
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
-
970,428
970,428
Transfers
-
-
-
763,918
-
763,918
Balance at 31 March 2024
2,073
3,621,313
638
3,596,300
20,761,488
27,981,812
Year ended 31 March 2025:
Profit for the year
-
-
-
-
803,548
803,548
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,057,282
-
-
-
1,057,282
Total comprehensive income
-
1,057,282
-
-
803,548
1,860,830
Transfers
-
-
-
282,909
-
282,909
Balance at 31 March 2025
2,073
4,678,595
638
3,879,209
21,565,036
30,125,551
The other reserve represents the value of share based incentives awarded to employees of the companies subsidiaries which have been recognised as an investment in the subsidiaries. This reserve is not distributable.
WHT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
7,291,022
4,446,951
Income taxes refunded
354,303
82,211
Net cash inflow from operating activities
7,645,325
4,529,162
Investing activities
Purchase of tangible fixed assets
(6,633,295)
(5,045,544)
Proceeds from disposal of tangible fixed assets
36,532
9,863
Interest received
283,698
209,650
Dividends received
21,500
20,250
Net cash used in investing activities
(6,291,565)
(4,805,781)
Financing activities
Proceeds from new bank loans
1,400,000
(772,358)
Repayment of bank loans
(361,433)
812,000
Interest paid
(236,071)
(207,771)
Net cash generated from/(used in) financing activities
802,496
(168,129)
Net increase/(decrease) in cash and cash equivalents
2,156,256
(444,748)
Cash and cash equivalents at beginning of year
6,399,161
6,843,909
Cash and cash equivalents at end of year
8,555,417
6,399,161
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

WHT Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Wallwork Offices, 69 Hacking Street, Bury, Lancashire, BL9 0RG.

The group consists of WHT Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company WHT Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.5
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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the manufacturing of machines is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the costs recognised that it is probable will be recover ed.

Contract to manufacture

Revenue is recognised as production progresses provided:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Recognition is based on the percentage of costs incurred against the expected total.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
Equal annual instalments over 7 years
Purchased know how
5% reducing balance
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
Held at fair value
Plant and equipment
Straight line over useful economic life from 5 to 20 years
Fixtures and fittings
5 years straight line
Motor vehicles
10 years HGV and 5 years LGV

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 recognised in the profit and loss account.

During the year the directors re-assessed the lives of a number of significant fixed assets which generally led to an extension in lives and a reduction in the depreciation charge.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Other equity instruments are carried at cost.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.13
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 current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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 and 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.

WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.20
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements 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 amount 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. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The directors have determined the valuation of share options at the date of grant using a binomial model, assessing the likelihood of a rang of future customers and discounting potential values at the risk free rate.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Processing sales
28,501,655
27,774,660
Machine sales
338,513
2,091,435
28,840,168
29,866,095
2025
2024
£
£
Turnover analysed by geographical market
UK
28,348,984
29,401,138
Rest of the World
491,184
464,957
28,840,168
29,866,095
2025
2024
£
£
Other revenue
Interest income
283,698
209,650
Dividends received
21,500
20,250
Research and development expenditure credit
59,404
-
Rental income
34,848
34,858
340,046
264,758
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
8,348
47,798
Research and development costs
495,377
276,971
Depreciation of owned tangible fixed assets
911,371
733,367
Profit on disposal of tangible fixed assets
(7,881)
(5,600)
Share-based payments
307,250
1,100,426
Operating lease charges
197,547
190,118
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,000
12,000
Audit of the financial statements of the company's subsidiaries
27,000
20,000
39,000
32,000
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
496,927
458,805
Company pension contributions to defined contribution schemes
62,323
62,262
559,250
521,067

The number of directors across the group for whom retirement benefits are accruing under defined contribution schemes amounted to 9 (2024 - 8).

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 2 (2024 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
206,533
191,706
Company pension contributions to defined contribution schemes
31,312
30,997
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
2025
2024
Number
Number
Management
11
11
Administration
41
40
Production
196
196
Total
248
247

Their aggregate remuneration comprised:

Group
2025
2024
£
£
Wages and salaries
9,836,836
9,924,389
Social security costs
977,636
931,214
Pension costs
1,240,057
1,199,264
12,054,529
12,054,867

The only employees of the Company in the year were the directors, and their remuneration, set out in Note 6, was paid by other group companies.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
283,698
209,650
Other income from investments
Dividends received
21,500
20,250
Total income
305,198
229,900
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
283,698
209,650
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
236,071
207,771
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
30,322
(42,167)
Adjustments in respect of prior periods
49,657
(30,527)
Total current tax
79,979
(72,694)
Deferred tax
Origination and reversal of timing differences
906,527
901,928
Adjustment in respect of prior periods
(125,830)
8,321
Foreign exchange differences
2
-
0
Total deferred tax
780,699
910,249
Total tax charge
860,678
837,555

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,745,966
3,440,720
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
936,492
860,180
Tax effect of expenses that are not deductible in determining taxable profit
5,734
12,648
Adjustments in respect of prior years
49,657
(30,527)
Permanent capital allowances in excess of depreciation
-
0
146
Deferred tax adjustments in respect of prior years
(125,830)
8,321
Surrender of tax losses for R&D tax credit refund
-
0
74,485
Additional deduction for R&D expenditure
-
0
(78,899)
Exempt ABGH distributions
(5,375)
(5,063)
Chargeable gains/(losses)
-
(3,736)
Taxation charge
860,678
837,555
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
11
Intangible fixed assets
Group
Goodwill
Patents & licences
Purchased know how
Total
£
£
£
£
Cost
At 1 April 2024 and 31 March 2025
384,234
119,815
102,000
606,049
Amortisation and impairment
At 1 April 2024 and 31 March 2025
384,234
119,815
101,999
606,048
Carrying amount
At 31 March 2025
-
0
-
0
1
1
At 31 March 2024
-
0
-
0
1
1
Company
Purchased know how
£
Cost
At 1 April 2024 and 31 March 2025
3,190,567
Amortisation and impairment
At 1 April 2024
1,863,092
Amortisation charged for the year
66,374
At 31 March 2025
1,929,466
Carrying amount
At 31 March 2025
1,261,101
At 31 March 2024
1,327,475
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
12
Tangible fixed assets
Group
Freehold buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
12,634,094
1,277,028
34,489,596
-
0
1,262,681
49,663,399
Additions
-
0
5,870,204
328,977
33,714
47,682
6,280,577
Disposals
-
0
-
0
(7,814)
-
0
(51,814)
(59,628)
Revaluation
1,410,000
-
0
-
0
-
0
-
0
1,410,000
Transfers
-
0
(149,732)
131,295
18,437
-
0
-
0
At 31 March 2025
14,044,094
6,997,500
34,942,054
52,151
1,258,549
57,294,348
Depreciation and impairment
At 1 April 2024
1,634,094
-
0
18,920,325
-
0
891,180
21,445,599
Depreciation charged in the year
-
0
-
0
769,099
53,900
88,372
911,371
Eliminated in respect of disposals
-
0
-
0
(1,949)
-
0
(29,028)
(30,977)
At 31 March 2025
1,634,094
-
0
19,687,475
53,900
950,524
22,325,993
Carrying amount
At 31 March 2025
12,410,000
6,997,500
15,254,579
(1,749)
308,025
34,968,355
At 31 March 2024
11,000,000
1,277,028
15,569,271
-
0
371,501
28,217,800
Company
Freehold buildings
£
Cost
At 1 April 2024
12,634,094
Revaluation
1,410,000
At 31 March 2025
14,044,094
Depreciation and impairment
At 1 April 2024 and 31 March 2025
1,634,094
Carrying amount
At 31 March 2025
12,410,000
At 31 March 2024
11,000,000
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
8,696,303
8,413,394
Unlisted investments
302,168
302,168
302,168
302,168
302,168
302,168
8,998,471
8,715,562
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2024 and 31 March 2025
302,168
Carrying amount
At 31 March 2025
302,168
At 31 March 2024
302,168

The directors consider the investment in the unlisted investment has a recoverable amount of £302,168 at the year end.

Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
8,413,394
302,168
8,715,562
Investment in subsidiaries through share based payment
282,909
-
282,909
At 31 March 2025
8,696,303
302,168
8,998,471
Carrying amount
At 31 March 2025
8,696,303
302,168
8,998,471
At 31 March 2024
8,413,394
302,168
8,715,562
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Wallwork Cambridge Limited
Lodge Bank Works, Lord Street, Bury, Lancashire, BL9 0RE
Surface engineering
Ordinary shares
100.00
Wallwork Heat Treatment (Birmingham) Limited
Lodge Bank Works, Lord Street, Bury, Lancashire, BL9 0RE
Heat treatment of metals
Ordinary shares
100.00
Wallwork Heat Treatment Limited
Lodge Bank Works, Lord Street, Bury, Lancashire, BL9 0RE
Heat treatment of metals
Ordinary shares
100.00
Wallwork Newcastle Limited
Lodge Bank Works, Lord Street, Bury, Lancashire, BL9 0RE
Heat treatment of metals
Ordinary shares
100.00
Wallwork Bury Limited
Lodge Bank Works, Lord Street, Bury, Lancashire, BL9 0RE
Heat treatment of metals
Ordinary shares
100.00
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
536,619
551,813
-
0
-
0
Work in progress
31,447
29,636
-
-
568,066
581,449
-
0
-
0
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,274,507
5,256,958
-
0
-
0
Corporation tax recoverable
82,863
608,374
-
0
-
0
Amounts owed by group undertakings
-
-
9,435,165
8,356,536
Other debtors
91,335
105,212
-
0
-
0
Prepayments and accrued income
819,903
827,424
-
0
-
0
6,268,608
6,797,968
9,435,165
8,356,536
Amounts falling due after more than one year:
Deferred tax asset (note 20)
2,604,361
1,973,748
-
0
-
0
Total debtors
8,872,969
8,771,716
9,435,165
8,356,536
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
372,488
288,904
372,488
288,904
Trade creditors
4,145,596
1,450,307
-
0
-
0
Corporation tax payable
16,127
460,072
-
0
346,885
Other taxation and social security
859,620
932,096
-
-
Deferred income
-
0
45,367
-
0
-
0
Other creditors
20,552
17,893
-
0
-
0
Accruals
1,183,774
1,353,327
20,595
17,697
6,598,157
4,547,966
393,083
653,486
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
3,705,721
2,750,738
3,705,721
2,750,738
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
4,078,209
3,039,642
4,078,209
3,039,642
Payable within one year
372,488
288,904
372,488
288,904
Payable after one year
3,705,721
2,750,738
3,705,721
2,750,738

In April 2022, the group entered into a term loan. The loan is repayable in monthly instalments over a 9 year period with interest being paid at base rate plus 1.63%.

An additional long term loan was entered in to in December 2023. The loan is repayable in monthly instalments over a 9 year period with interest being paid at base rate plus 1.45%.

During September 2024, the entity entered into a new bank loan agreement amounting to £1.4 million. The loan is repayable in monthly instalments over a 10 year period with interest being paid at base rate plus 1.45%.

The total term loan amount outstanding at the year end was £4,078,209.

WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
5,393,493
3,981,965
-
-
Tax losses
-
-
1,929,558
1,280,635
Capital gains
-
1,207,104
176,154
224,493
Effect of changes in deferred tax rates
1,559,604
-
498,649
468,620
6,953,097
5,189,069
2,604,361
1,973,748
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
95,192
94,974
-
-
Capital gains
-
1,207,104
-
-
Effect of changes in deferred tax rates
1,559,604
-
-
-
1,654,796
1,302,078
-
-
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
3,215,321
1,302,078
Charge to profit or loss
1,133,415
352,718
Liability at 31 March 2025
4,348,736
1,654,796
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,240,057
1,199,264

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,073
2,073
2,073
2,073

The company has an unapproved share option scheme for the benefit of key employees. The options were granted in 2016 and will vest from June 2024. The number of options granted were 132 and the estimated value of these grants was £1,385,203.

Further unapproved share options were granted in November 2020. These options will vest in June 2024. The number of options granted were 220 and the estimated value of these grants was £1,929,391.

The company also granted EMI share options in January 2021 for the benefit of key employees. A total of 232 share options have been granted, with half of these vesting in June 2024 and the other half in June 2030. The estimated value of these grants was £2,002,931.

The value of these options are recognised over the vesting period and are recognised as an investment in subsidiaries in the holding company and in the trading company are recognised as employee costs. The accumulated related deferred tax effects have been recognised as an asset and the related expected national insurance costs have been recognised as a liability. These amounts have been included in reserves as the profit and loss effects of these have been recorded on an ongoing basis.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
239,258
172,717
-
-
Between two and five years
307,675
152,653
-
-
546,933
325,370
-
-
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
3,432,845
6,317,400
-
-
WHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
25
Controlling party
The ultimate controlling parties are trusts for the benefit of the Wallwork family and the full time working directors of Wallwork Heat Treatment Limited.
26
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,885,288
2,603,165
Adjustments for:
Taxation charged
860,678
837,555
Finance costs
236,071
207,771
Investment income
(305,198)
(229,900)
Gain on disposal of tangible fixed assets
(7,881)
(5,600)
Depreciation and impairment of tangible fixed assets
911,371
733,367
Equity settled share based payment expense
307,250
1,100,426
Movements in working capital:
Decrease in stocks
13,383
223,872
Decrease/(increase) in debtors
3,849
(482,713)
Increase/(decrease) in creditors
2,431,578
(149,114)
Decrease in deferred income
(45,367)
(391,878)
Cash generated from operations
7,291,022
4,446,951
27
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
6,399,161
2,156,256
8,555,417
Borrowings excluding overdrafts
(3,039,642)
(1,038,567)
(4,078,209)
3,359,519
1,117,689
4,477,208
2025-03-31 2024-04-01 false false CCH Software CCH Accounts Production 2025.200 Mr H A Wallwork Miss S J Wallwork Mr I C Griffin Mr S P Collins Mr I Charleston false 6088612 bus:Consolidated 2024-04-01 2025-03-31 6088612 2024-04-01 2025-03-31 6088612 2025-03-31 6088612 bus:Director1 2024-04-01 2025-03-31 6088612 bus:Director2 2024-04-01 2025-03-31 6088612 bus:Director3 2024-04-01 2025-03-31 6088612 bus:Director4 2024-04-01 2025-03-31 6088612 bus:CompanySecretary1 2024-04-01 2025-03-31 6088612 bus:RegisteredOffice 2024-04-01 2025-03-31 6088612 bus:Consolidated 2025-03-31 6088612 bus:Consolidated 2023-04-01 2024-03-31 6088612 2023-04-01 2024-03-31 6088612 bus:Consolidated 2024-03-31 6088612 2024-03-31 6088612 core:Goodwill bus:Consolidated 2025-03-31 6088612 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2025-03-31 6088612 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2025-03-31 6088612 core:Goodwill bus:Consolidated 2024-03-31 6088612 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-03-31 6088612 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2024-03-31 6088612 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 6088612 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 6088612 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2025-03-31 6088612 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2025-03-31 6088612 core:PlantMachinery bus:Consolidated 2025-03-31 6088612 core:FurnitureFittings bus:Consolidated 2025-03-31 6088612 core:MotorVehicles bus:Consolidated 2025-03-31 6088612 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-03-31 6088612 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2024-03-31 6088612 core:PlantMachinery bus:Consolidated 2024-03-31 6088612 core:FurnitureFittings bus:Consolidated 2024-03-31 6088612 core:MotorVehicles bus:Consolidated 2024-03-31 6088612 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 6088612 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 6088612 core:ShareCapital bus:Consolidated 2025-03-31 6088612 core:ShareCapital bus:Consolidated 2024-03-31 6088612 core:RevaluationReserve bus:Consolidated 2025-03-31 6088612 core:RevaluationReserve bus:Consolidated 2024-03-31 6088612 core:CapitalRedemptionReserve bus:Consolidated 2025-03-31 6088612 core:CapitalRedemptionReserve bus:Consolidated 2024-03-31 6088612 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-03-31 6088612 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-03-31 6088612 core:ShareCapital 2025-03-31 6088612 core:ShareCapital 2024-03-31 6088612 core:RevaluationReserve 2025-03-31 6088612 core:RevaluationReserve 2024-03-31 6088612 core:CapitalRedemptionReserve 2025-03-31 6088612 core:CapitalRedemptionReserve 2024-03-31 6088612 core:OtherMiscellaneousReserve 2025-03-31 6088612 core:OtherMiscellaneousReserve 2024-03-31 6088612 core:RetainedEarningsAccumulatedLosses 2025-03-31 6088612 core:RetainedEarningsAccumulatedLosses 2024-03-31 6088612 core:ShareCapital bus:Consolidated 2023-03-31 6088612 core:SharePremium bus:Consolidated 2023-03-31 6088612 core:CapitalRedemptionReserve bus:Consolidated 2023-03-31 6088612 2023-03-31 6088612 core:ShareCapital 2023-03-31 6088612 core:RevaluationReserve 2023-03-31 6088612 core:CapitalRedemptionReserve 2023-03-31 6088612 core:RetainedEarningsAccumulatedLosses 2023-03-31 6088612 bus:Consolidated 2023-03-31 6088612 core:Goodwill 2024-04-01 2025-03-31 6088612 core:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 6088612 core:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 6088612 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 6088612 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 6088612 core:PlantMachinery 2024-04-01 2025-03-31 6088612 core:FurnitureFittings 2024-04-01 2025-03-31 6088612 core:MotorVehicles 2024-04-01 2025-03-31 6088612 core:UKTax bus:Consolidated 2024-04-01 2025-03-31 6088612 core:UKTax bus:Consolidated 2023-04-01 2024-03-31 6088612 bus:Consolidated 1 2024-04-01 2025-03-31 6088612 bus:Consolidated 1 2023-04-01 2024-03-31 6088612 bus:Consolidated 2 2024-04-01 2025-03-31 6088612 bus:Consolidated 2 2023-04-01 2024-03-31 6088612 core:Goodwill bus:Consolidated 2024-03-31 6088612 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-03-31 6088612 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2024-03-31 6088612 bus:Consolidated 2024-03-31 6088612 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 6088612 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-03-31 6088612 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2024-03-31 6088612 core:PlantMachinery bus:Consolidated 2024-03-31 6088612 core:FurnitureFittings bus:Consolidated 2024-03-31 6088612 core:MotorVehicles bus:Consolidated 2024-03-31 6088612 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 6088612 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-04-01 2025-03-31 6088612 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2024-04-01 2025-03-31 6088612 core:PlantMachinery bus:Consolidated 2024-04-01 2025-03-31 6088612 core:FurnitureFittings bus:Consolidated 2024-04-01 2025-03-31 6088612 core:MotorVehicles bus:Consolidated 2024-04-01 2025-03-31 6088612 core:UnlistedNon-exchangeTraded bus:Consolidated 2025-03-31 6088612 core:UnlistedNon-exchangeTraded bus:Consolidated 2024-03-31 6088612 core:UnlistedNon-exchangeTraded 2025-03-31 6088612 core:UnlistedNon-exchangeTraded 2024-03-31 6088612 core:Subsidiary1 2024-04-01 2025-03-31 6088612 core:Subsidiary2 2024-04-01 2025-03-31 6088612 core:Subsidiary3 2024-04-01 2025-03-31 6088612 core:Subsidiary4 2024-04-01 2025-03-31 6088612 core:Subsidiary5 2024-04-01 2025-03-31 6088612 core:Subsidiary1 1 2024-04-01 2025-03-31 6088612 core:Subsidiary2 2 2024-04-01 2025-03-31 6088612 core:Subsidiary3 3 2024-04-01 2025-03-31 6088612 core:Subsidiary4 4 2024-04-01 2025-03-31 6088612 core:Subsidiary5 5 2024-04-01 2025-03-31 6088612 core:CurrentFinancialInstruments 2025-03-31 6088612 core:CurrentFinancialInstruments 2024-03-31 6088612 core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 6088612 core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 6088612 core:Non-currentFinancialInstruments bus:Consolidated 2025-03-31 6088612 core:Non-currentFinancialInstruments bus:Consolidated 2024-03-31 6088612 core:Non-currentFinancialInstruments 2025-03-31 6088612 core:Non-currentFinancialInstruments 2024-03-31 6088612 core:WithinOneYear bus:Consolidated 2025-03-31 6088612 core:WithinOneYear bus:Consolidated 2024-03-31 6088612 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 6088612 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 6088612 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2025-03-31 6088612 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-03-31 6088612 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 6088612 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 6088612 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-03-31 6088612 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-03-31 6088612 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 6088612 bus:FRS102 2024-04-01 2025-03-31 6088612 bus:Audited 2024-04-01 2025-03-31 6088612 bus:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 6088612 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP