Registered number: 00504927
For the year ended 28 February 2025
WW Martin Ltd
Company Information
WW Martin Ltd
Contents
WW Martin Ltd
Group strategic report
For the year ended 28 February 2025
The Directors are pleased to present their Strategic Report and the Financial Statements of the Company for the year ending 28th February 2025.
The Company is celebrating its 148th year and its second year as the Holding Company for all its associated businesses; WWM Civils, KRS Interiors, East Kent Brickwork and WWM Plant Hire.
The businesses within the Holding Company have all performed well and WW Martin itself continues to go from strength to strength and is led by a strong leadership team. The result and performance of the business reflects the strength of our people, our strategic focus and our commitment to delivering lasting impact. We are proud by the progress made and excited about the opportunities ahead as we continue to build a resilient, sustainable future. Equally as important is our long-standing Supply Chain with support from our excellent Client base.
The Company is celebrating its 148th year and its second year as the Holding Company for all its associated businesses; WWM Civils, KRS Interiors, East Kent Brickwork and WWM Plant Hire.
The businesses within the Holding Company have all performed well and WW Martin itself continues to go from strength to strength and is led by a strong leadership team. The result and performance of the business reflects the strength of our people, our strategic focus and our commitment to delivering lasting impact. We are proud by the progress made and excited about the opportunities ahead as we continue to build a resilient, sustainable future. Equally as important is our long-standing Supply Chain with support from our excellent Client base.
The turnover of the Group is £60,824M (2024: £51,918), profit is £4,025M (2024: £3,039M) after tax. The Balance Sheet now stands at £13,042M. The Group is well-positioned for controlled growth and the Board’s strategic focus remains on sustainable construction and long-term partnership. Turnover for the year ending February 2026 will increase in the region of 5%. Margin will broadly be in line with this year.
Cash at the Year End is £18,095M (2024: £14,358M). Cashflow continues to be closely monitored to ensure a good level of liquidity and strict credit control policies are in place. As the Company’s liquidity continues to be high, interest has accrued in the sum of £624k. The Board expects that liquidity will remain constant throughout the coming year. Interest for the coming year will reduce as interest rates have fallen. Overall, we have an excellent cash balance and no debt.
The Directors are pleased with the direction and performance of the Holding Company and that it continues to perform well, delivering excellent services for our clients. WW Martin has positioned itself as a “go to” contractor for a high-quality, non-adversarial approach to construction. This has resulted in repeat negotiated work. Year-on-year we are becoming financially stronger, with good cash in hand and an ever-increasing Balance Sheet.
The Company has entered the new financial year with a strong order book and a good level of tenders. Turnover from the Kent County Council (KCC) £500M “Property Construction Partnership Framework” has started to contribute towards our turnover with the construction of schools in Deal and Teynham. Both are due for completion in 2025.
Under the Framework we have further projects currently in or imminently waiting for planning decisions. These schemes will contribute to the 2026 result.
The close collaboration between the businesses and investment into WW Martin’s self-delivery capabilities is driving more efficient, innovative and sustainable solutions for our Client Partners. It enables the business to be agile and responsive. It also enables the training of apprentices to be more efficient and allows the Group to contribute towards the recruitment, training and development of young people in the industry.
Health and Safety and Environmental Management are core business values and we believe that effective Health, Safety and Environmental management actively contributes to our success. We are proud of our safety record.
We approach the subject in a responsible, practicable and pragmatic manner, concentrating on the matters that make a difference. In this respect, our staff care, which has resulted in an excellent culture of health and safety.
During the year we reviewed our Health & Safety and Compliance Departments. We merged the two into a single Department that will oversee H&S and compliance. We have a new Health and Safety Manager and created a new role of Compliance Officer to ensure that this important aspect is given the priority it warrants. The new department shone when we renewed our ISO 45001 accreditation.
It is our policy to do all that is reasonably practicable to ensure that we provide a safe and healthy environment not just for those that work for us, but for anyone else who may be affected by our business activities.
Cash at the Year End is £18,095M (2024: £14,358M). Cashflow continues to be closely monitored to ensure a good level of liquidity and strict credit control policies are in place. As the Company’s liquidity continues to be high, interest has accrued in the sum of £624k. The Board expects that liquidity will remain constant throughout the coming year. Interest for the coming year will reduce as interest rates have fallen. Overall, we have an excellent cash balance and no debt.
The Directors are pleased with the direction and performance of the Holding Company and that it continues to perform well, delivering excellent services for our clients. WW Martin has positioned itself as a “go to” contractor for a high-quality, non-adversarial approach to construction. This has resulted in repeat negotiated work. Year-on-year we are becoming financially stronger, with good cash in hand and an ever-increasing Balance Sheet.
The Company has entered the new financial year with a strong order book and a good level of tenders. Turnover from the Kent County Council (KCC) £500M “Property Construction Partnership Framework” has started to contribute towards our turnover with the construction of schools in Deal and Teynham. Both are due for completion in 2025.
Under the Framework we have further projects currently in or imminently waiting for planning decisions. These schemes will contribute to the 2026 result.
The close collaboration between the businesses and investment into WW Martin’s self-delivery capabilities is driving more efficient, innovative and sustainable solutions for our Client Partners. It enables the business to be agile and responsive. It also enables the training of apprentices to be more efficient and allows the Group to contribute towards the recruitment, training and development of young people in the industry.
Health and Safety and Environmental Management are core business values and we believe that effective Health, Safety and Environmental management actively contributes to our success. We are proud of our safety record.
We approach the subject in a responsible, practicable and pragmatic manner, concentrating on the matters that make a difference. In this respect, our staff care, which has resulted in an excellent culture of health and safety.
During the year we reviewed our Health & Safety and Compliance Departments. We merged the two into a single Department that will oversee H&S and compliance. We have a new Health and Safety Manager and created a new role of Compliance Officer to ensure that this important aspect is given the priority it warrants. The new department shone when we renewed our ISO 45001 accreditation.
It is our policy to do all that is reasonably practicable to ensure that we provide a safe and healthy environment not just for those that work for us, but for anyone else who may be affected by our business activities.
Page 1
WW Martin Ltd
Group strategic report (continued)
For the year ended 28 February 2025
To maintain these high standards, we make sure we have competent, trained people. Our Management Systems and Policies provide clear guidance and monitoring/reporting and analysis of performance and incidents. Each of our projects is regularly audited by our inhouse H&S Manager and is supported by external industry experts, with prevention and continuous improvement being the underlying theme. It is the intention that all the businesses follow the same Management System.
As well as ensuring the health and safety of our staff and supply chain, we also believe in mitigating the environmental impact of each project and actively look for ways to operate ever more sustainably.
We have a well-established Environmental and Sustainability Committee who meet regularly to ensure that the business is identifying realistic measures to reduce the environmental impact of the operations of the business.
We have committed to increasing social value across the business and we are active in the local community where we operate. This includes local employment, community partnerships and charity fundraising. We are particularly proud of our partnerships with Ramsgate FC and Kent Cricket and support them in their work in the local community. In the case of the latter, we have renewed our sponsorship for a further 3 years.
There are a number of potential risks and uncertainties which could impact the Company’s performance which are considered by the Directors on a regular basis. The Board of Directors and the senior members of staff consider the risks of all significant business decisions and projects in an open and transparent manner to ensure that the risk to the company’s operations is eliminated or minimised.
Market Conditions are challenging, however inflation dropped from the peak in 2022 and interest rates have starting to reduce. Even with these conditions, turnover increased by 17%. The increase in turnover is due to our continued emphasis on delivering “excellence” for our customers which enables us to win work with trusted Clients.
The Company continues to be focused and remains vigilant when assessing tenders in this competitive market. We continue to try and avoid the race to the bottom that often accompanies a competitive market. Unfortunately, we are seeing signs of some contractors submitting low tenders.
Due to the varied nature and type of work we carry out, our client base is very wide ranging. This is a deliberate strategy of the Board, which has paid dividends in these uncertain times. Our strategy ensures that we are well placed to diversify and be flexible across a variety of sectors. The business’ workload continues to be very diverse which protects the business should a particular sector be affected by events.
The Holding Company continues to self-deliver and is working extremely well to ensure projects are completed on time and to the required quality. The subsidiary businesses maintain their competitiveness by also working for clients outside the Group.
Recruiting and maintaining staff is potentially a risk. We are a family business, and we recognise the huge important role that employees have in making the business successful. We pride ourselves on having excellent staff who care passionately about the business and our clients. We aim to be the employer of choice offering both informal and formal training for everyone within the business. We want everyone to feel part of the family by making people feel valued, engaged and safe and importantly enjoy coming to work. It is for this reason that WW Martin has an excellent staff retention rate. The reputation of the business makes recruitment easier.
We aim to be the first-choice contractor for the supply chain. We want our supply chain to have the same values as us, are customer focused and care. For our part, we are absolutely committed to maintaining prompt payments which has resulted in our having an excellent reputation in the market. It is also important to us that the supply chain enjoy working with us. The Directors are extremely proud of their record of never having an adjudication with a sub-contractor.
The new Governments commitment to house building has not yet materialised, so the reduction in this market has had the knock-on effect that material supplies are more readily available than they have been in recent times.
Market Conditions are challenging, however inflation dropped from the peak in 2022 and interest rates have starting to reduce. Even with these conditions, turnover increased by 17%. The increase in turnover is due to our continued emphasis on delivering “excellence” for our customers which enables us to win work with trusted Clients.
The Company continues to be focused and remains vigilant when assessing tenders in this competitive market. We continue to try and avoid the race to the bottom that often accompanies a competitive market. Unfortunately, we are seeing signs of some contractors submitting low tenders.
Due to the varied nature and type of work we carry out, our client base is very wide ranging. This is a deliberate strategy of the Board, which has paid dividends in these uncertain times. Our strategy ensures that we are well placed to diversify and be flexible across a variety of sectors. The business’ workload continues to be very diverse which protects the business should a particular sector be affected by events.
The Holding Company continues to self-deliver and is working extremely well to ensure projects are completed on time and to the required quality. The subsidiary businesses maintain their competitiveness by also working for clients outside the Group.
Recruiting and maintaining staff is potentially a risk. We are a family business, and we recognise the huge important role that employees have in making the business successful. We pride ourselves on having excellent staff who care passionately about the business and our clients. We aim to be the employer of choice offering both informal and formal training for everyone within the business. We want everyone to feel part of the family by making people feel valued, engaged and safe and importantly enjoy coming to work. It is for this reason that WW Martin has an excellent staff retention rate. The reputation of the business makes recruitment easier.
We aim to be the first-choice contractor for the supply chain. We want our supply chain to have the same values as us, are customer focused and care. For our part, we are absolutely committed to maintaining prompt payments which has resulted in our having an excellent reputation in the market. It is also important to us that the supply chain enjoy working with us. The Directors are extremely proud of their record of never having an adjudication with a sub-contractor.
The new Governments commitment to house building has not yet materialised, so the reduction in this market has had the knock-on effect that material supplies are more readily available than they have been in recent times.
Page 2
WW Martin Ltd
Group strategic report (continued)
For the year ended 28 February 2025
We are conscious of and prepared to navigate the changing political and economic landscapes, particularly form the recent experiences of Brexit, the pandemic, Ukraine war, the ongoing conflict in Gaza and the financial effect of the increase in National Insurance contribution. We hope that the Autumn Statement is positive and that the Government introduces measures that will positively stimulate growth. Whatever the outcome, we believe that the agile nature of the business will allow us to successfully navigate these unforeseen risks.
Future Developments
The two 4-year NHS Frameworks on the £20M Fire Remedial Works and the Measured Term Contract Minor Works Framework continue to deliver for the hospitals of East Kent. This work is extremely challenging, but very rewarding as it allows us to update the hospitals infrastructure.
An award post year end is the Major Works Capital Framework for East Kent Hospitals University NHS Trust, for works valued up to £10M. This is a four-year framework, with WW Martin’s contract valued at £96M. This will commence on 1st August 2025.
We continue to work at both Maidstone Hospital and Medway Maritime Hospital. Our team’s commitment to deliver on time and to budget, has made us the “go to” contractor for healthcare.
Two KCC schools in Deal and Teynham are due to complete in the Autumn. These were the first major schemes to be appointed to WW Martin under the Construction Partnership Framework. We are also in the planning stage of two waste transfer stations and a school in Maidstone. These schemes are not due to start until 2026.
Of the current portfolio, we completed the high-profile redevelopment of Kingsmead Leisure complex in Canterbury and we are due to complete in the Autumn a 91-bed student accommodation complex also in Canterbury. We were also successful in winning two housing schemes, one for Ashford Borough Council and one for West Kent Housing. These are due to commence in late Autumn 2025, as soon as planning is granted.
The new visitors centre, retail shop and carpark for the National Trust at Ightham Mote was successfully completed and looks stunning within the National Trust grounds. The project incorporated very traditional trades and included hempcrete blocks, which have rarely been used in the Country. East Kent Brickwork were exceptional using these very traditional materials.
Following the successful partnership with English Rural Housing to build thirteen units in Shepherdswell, Kent, we negotiated and commenced a further 13-unit development in West Kingsdown. The open and transparent nature of the relationship between the two businesses, lent itself to following the same model. We are on target to finish the scheme early.
A notable success was the award of the Phase 4 of Thanet District Council’s £16M housing scheme in Margate and Ramsgate. The scheme is over four sites and is due for completion in early 2026. This is the third phase that WW Martin has secured with the Council, having previously completed phases 1 and 3.
WWM Civils continue to deliver extremely well for the Holding Company. Their first-class service is now being recognised outside the Group and they have recently completed a £7M scheme direct for Maidstone Hospital. They have also carried out several schemes for a competitor and a waste transfer company. They have gained an excellent reputation in their own right.
KRS had record turnover, with 33% of their turnover attributed to third party contractors. KRS’s excellent quality on commercial buildings has led to repeat business.
East Kent Brickwork’s turnover outside the Group is 40%. Their close collaboration with their clients has resulted in repeat business and have now completed several care homes. They now have an excellent springboard on which to take the business forward.
Future Developments
The two 4-year NHS Frameworks on the £20M Fire Remedial Works and the Measured Term Contract Minor Works Framework continue to deliver for the hospitals of East Kent. This work is extremely challenging, but very rewarding as it allows us to update the hospitals infrastructure.
An award post year end is the Major Works Capital Framework for East Kent Hospitals University NHS Trust, for works valued up to £10M. This is a four-year framework, with WW Martin’s contract valued at £96M. This will commence on 1st August 2025.
We continue to work at both Maidstone Hospital and Medway Maritime Hospital. Our team’s commitment to deliver on time and to budget, has made us the “go to” contractor for healthcare.
Two KCC schools in Deal and Teynham are due to complete in the Autumn. These were the first major schemes to be appointed to WW Martin under the Construction Partnership Framework. We are also in the planning stage of two waste transfer stations and a school in Maidstone. These schemes are not due to start until 2026.
Of the current portfolio, we completed the high-profile redevelopment of Kingsmead Leisure complex in Canterbury and we are due to complete in the Autumn a 91-bed student accommodation complex also in Canterbury. We were also successful in winning two housing schemes, one for Ashford Borough Council and one for West Kent Housing. These are due to commence in late Autumn 2025, as soon as planning is granted.
The new visitors centre, retail shop and carpark for the National Trust at Ightham Mote was successfully completed and looks stunning within the National Trust grounds. The project incorporated very traditional trades and included hempcrete blocks, which have rarely been used in the Country. East Kent Brickwork were exceptional using these very traditional materials.
Following the successful partnership with English Rural Housing to build thirteen units in Shepherdswell, Kent, we negotiated and commenced a further 13-unit development in West Kingsdown. The open and transparent nature of the relationship between the two businesses, lent itself to following the same model. We are on target to finish the scheme early.
A notable success was the award of the Phase 4 of Thanet District Council’s £16M housing scheme in Margate and Ramsgate. The scheme is over four sites and is due for completion in early 2026. This is the third phase that WW Martin has secured with the Council, having previously completed phases 1 and 3.
WWM Civils continue to deliver extremely well for the Holding Company. Their first-class service is now being recognised outside the Group and they have recently completed a £7M scheme direct for Maidstone Hospital. They have also carried out several schemes for a competitor and a waste transfer company. They have gained an excellent reputation in their own right.
KRS had record turnover, with 33% of their turnover attributed to third party contractors. KRS’s excellent quality on commercial buildings has led to repeat business.
East Kent Brickwork’s turnover outside the Group is 40%. Their close collaboration with their clients has resulted in repeat business and have now completed several care homes. They now have an excellent springboard on which to take the business forward.
Page 3
WW Martin Ltd
Group strategic report (continued)
For the year ended 28 February 2025
Research and Development
As in previous years, the business continues to invest in research and development to realise tax incentives on leading edge technologies, which is often associated with challenging projects.
As in previous years, the business continues to invest in research and development to realise tax incentives on leading edge technologies, which is often associated with challenging projects.
The Group’s financial key performance indicators are Gross Profit Percentage, Current Ratio and Return on Capital Employed.
Conclusion
The Board is extremely pleased with the strategic position of the Group. We are confident that the measures that we have taken place us in the very best position to organically grow over the coming year.
Conclusion
The Board is extremely pleased with the strategic position of the Group. We are confident that the measures that we have taken place us in the very best position to organically grow over the coming year.
Section 172 of the Companies Act 2006 requires the directors of the Group to act in the way they consider, in good faith, would most likely promote the success of the Group for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the:
• likely consequences of any decisions in the long-term;
• interests of the Group’s employees;
• need to foster the Group’s business relationships with suppliers, customers and others;
• impact of the Group’s operations on the community and environment;
• desirability of the Group maintaining a reputation for high standards of business conduct, and
• need to act fairly as between members of the Group.
In discharging our section 172 duties we have regard to the factors set out above. We acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders. By considering the Group’s purpose, vision and values together with its strategic priorities and having a process in place for decision-making, we do, however, aim to make sure that our decisions are consistent and predictable. Information regarding our engagement with employees and the Group's business relationships is included in the Directors' Report.
All members of the Board are executives within the Group and work alongside the management team on a day-to-day basis. The Board engage with the management team in setting, approving and overseeing execution of the business strategy and related policies. Monitoring of this is conducted through regular business review meetings which are attended by the Board of Directors. Board meetings are held periodically, and activities reviewed through the consideration and discussion of information, which is sent in advance of each Board meeting and through presentations to the Board, and the consideration of the impact of the relevant decisions on stakeholders.
• likely consequences of any decisions in the long-term;
• interests of the Group’s employees;
• need to foster the Group’s business relationships with suppliers, customers and others;
• impact of the Group’s operations on the community and environment;
• desirability of the Group maintaining a reputation for high standards of business conduct, and
• need to act fairly as between members of the Group.
In discharging our section 172 duties we have regard to the factors set out above. We acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders. By considering the Group’s purpose, vision and values together with its strategic priorities and having a process in place for decision-making, we do, however, aim to make sure that our decisions are consistent and predictable. Information regarding our engagement with employees and the Group's business relationships is included in the Directors' Report.
All members of the Board are executives within the Group and work alongside the management team on a day-to-day basis. The Board engage with the management team in setting, approving and overseeing execution of the business strategy and related policies. Monitoring of this is conducted through regular business review meetings which are attended by the Board of Directors. Board meetings are held periodically, and activities reviewed through the consideration and discussion of information, which is sent in advance of each Board meeting and through presentations to the Board, and the consideration of the impact of the relevant decisions on stakeholders.
This report was approved by the board and signed on its behalf.
Page 4
WW Martin Ltd
Directors' report
For the year ended 28 February 2025
The directors present their report and the financial statements for the year ended 28 February 2025.
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.
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;
∙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 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.
The profit for the year, after taxation, amounted to £4,025,200 (2024 - £3,039,847).
The directors declared a dividend totalling £220,000 for the year ended 28 February 2025 (2024 - £666,250). In 2025, dividends totalling £100,000 were distributed to holders of ordinary A shares and dividends totalling £120.000 were distributed to holders of ordinary D shares.
The directors who served during the year were:
Page 5
WW Martin Ltd
Directors' report (continued)
For the year ended 28 February 2025
The Group finances its operations through various financial instruments comprising bank balances, bank overdrafts, finance leases, trade debtors and trade creditors.
The Group ensures its liquidity is maintained by entering into short term financial instruments to support operational and other funding requirements. The Group's liquidity management process includes projecting cashflows and considering the level of liquid assets.
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The Group ensures its liquidity is maintained by entering into short term financial instruments to support operational and other funding requirements. The Group's liquidity management process includes projecting cashflows and considering the level of liquid assets.
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Employee engagement
The Group and the Board is committed to promoting a diverse and inclusive workplace, reflective of the communities in which it does business. We approach diversity in the broadest sense, recognising that successful businesses flourish through embracing diversity into their business strategy and developing talent at every level in the organisation. We operate a successful employment, apprenticeship and training programme which provides opportunities for a whole host of different groups including young persons, over 50’s, and hard to reach groups including long term unemployed, school and college leavers, lone parents, ex-offenders and ex-service personnel in Kent. The Group also works with local training providers and our supply chain providing Apprenticeship opportunities.
The Board and Senior Management are responsible for ensuring that the Group’s purpose, vision and values are effectively communicated to employees and that the Group’s activities reflect the culture we wish to instill in employees and drive appropriate behaviours. Examples of how this is achieved include: formal and informal meetings, a mandatory code of conduct, dedicated training sessions, quarterly staff newsletters and our annual group wide business strategy day.
Fostering business relationships
The Group’s key stakeholders are its employees, customers, suppliers, planning authorities and the local Kent Community. The views and impact of the Group’s activities on those stakeholders are an important consideration for Directors when making relevant decisions. While there are cases where the board itself judges that it should engage directly with certain stakeholder groups or on certain issues, the size and spread of our stakeholders means that generally our stakeholder engagement best takes place at an operational level.
The senior management team foster long term relationships with key customers in line with the Group’s Integrated Management Systems policy. We work with key customer Groups and stakeholders including Kent County Council, local planning authorities and NHS Trusts to deliver their needs as part of our strategic relationships with them, alongside our partnerships with local developers and suppliers.
The Board is committed to working alongside our Customers and local authorities to deliver high quality sustainable affordable home projects. Our partnership with Orbit homes has led to the Parent Company being the first construction firm of a new build housing project to receive “Green Plaque” status, recognizing the commitment of the Board to its strategic objective of delivering to the highest environmental standards.
The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the Board seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making.
The Group and the Board is committed to promoting a diverse and inclusive workplace, reflective of the communities in which it does business. We approach diversity in the broadest sense, recognising that successful businesses flourish through embracing diversity into their business strategy and developing talent at every level in the organisation. We operate a successful employment, apprenticeship and training programme which provides opportunities for a whole host of different groups including young persons, over 50’s, and hard to reach groups including long term unemployed, school and college leavers, lone parents, ex-offenders and ex-service personnel in Kent. The Group also works with local training providers and our supply chain providing Apprenticeship opportunities.
The Board and Senior Management are responsible for ensuring that the Group’s purpose, vision and values are effectively communicated to employees and that the Group’s activities reflect the culture we wish to instill in employees and drive appropriate behaviours. Examples of how this is achieved include: formal and informal meetings, a mandatory code of conduct, dedicated training sessions, quarterly staff newsletters and our annual group wide business strategy day.
Fostering business relationships
The Group’s key stakeholders are its employees, customers, suppliers, planning authorities and the local Kent Community. The views and impact of the Group’s activities on those stakeholders are an important consideration for Directors when making relevant decisions. While there are cases where the board itself judges that it should engage directly with certain stakeholder groups or on certain issues, the size and spread of our stakeholders means that generally our stakeholder engagement best takes place at an operational level.
The senior management team foster long term relationships with key customers in line with the Group’s Integrated Management Systems policy. We work with key customer Groups and stakeholders including Kent County Council, local planning authorities and NHS Trusts to deliver their needs as part of our strategic relationships with them, alongside our partnerships with local developers and suppliers.
The Board is committed to working alongside our Customers and local authorities to deliver high quality sustainable affordable home projects. Our partnership with Orbit homes has led to the Parent Company being the first construction firm of a new build housing project to receive “Green Plaque” status, recognizing the commitment of the Board to its strategic objective of delivering to the highest environmental standards.
The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the Board seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making.
Page 6
WW Martin Ltd
Directors' report (continued)
For the year ended 28 February 2025
Corporate Governance
The Board aspires to have high standards of corporate governance.
We have not adopted the revised 2018 UK Corporate Governance Code, which is designed for premium listed companies and, whilst we fully support the introduction of the Wates Corporate Governance Principles for Large Private Companies (in particular the focus on purpose, culture and employee and stakeholder engagement). We expect to adopt our own corporate governance principles in due course which we believe will be most appropriate for the Group and will be designed to ensure effective decision-making to promote the Group’s success for the long term.
Our primary aim is that our governance is:
• effective in providing challenge, advice and support to management;
• provides checks and balances and encourages constructive challenge; and
• drives informed, collaborative and accountable decision-making.
In the absence of an express corporate governance code, we continue to comply with relevant law and regulations in relation to governance arrangements and have processes in place to ensure decisions are made at the appropriate level.
The GHG Reporting Protocol - Corporate Standard methodology was used to calculate the company's emissions and energy consumption.
The intensity ratio has been calculated using CO2 in tonnes per full time employee, which gives a ratio of 1.31 (2024: 1.44).
The Group is committed to reducing its emissions encouraging greater use of electric vehicles, has installed EV charging points for staff and installed solar capture panels at its premises.
The intensity ratio has been calculated using CO2 in tonnes per full time employee, which gives a ratio of 1.31 (2024: 1.44).
The Group is committed to reducing its emissions encouraging greater use of electric vehicles, has installed EV charging points for staff and installed solar capture panels at its premises.
Page 7
WW Martin Ltd
Directors' report (continued)
For the year ended 28 February 2025
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025.
Under section 487(2) of the Companies Act 2006, Kreston Reeves Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 8
WW Martin Ltd
Independent auditors' report to the members of WW Martin Ltd
We have audited the financial statements of WW Martin Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 28 February 2025, which comprise the Consolidated profit and loss account, 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 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 9
WW Martin Ltd
Independent auditors' report to the members of WW Martin Ltd (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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.
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.
Page 10
WW Martin Ltd
Independent auditors' report to the members of WW Martin Ltd (continued)
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 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:
Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the Company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition and amounts recoverable on long-term contracts. Audit procedures performed by the engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
• Assessment of identified fraud risk factors; and
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
• Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
• Reading minutes of meetings of those charged with governance; and
• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Page 11
WW Martin Ltd
Independent auditors' report to the members of WW Martin Ltd (continued)
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.
Page 12
WW Martin Ltd
Independent auditors' report to the members of WW Martin Ltd (continued)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Canterbury
Page 13
WW Martin Ltd
Consolidated profit and loss account
For the year ended 28 February 2025
Page 14
WW Martin Ltd
Registered number: 00504927
Consolidated balance sheet
As at 28 February 2025
Page 15
WW Martin Ltd
Registered number: 00504927
Consolidated balance sheet (continued)
As at 28 February 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 43 form part of these financial statements.
Page 16
WW Martin Ltd
Registered number: 00504927
Company balance sheet
As at 28 February 2025
Page 17
WW Martin Ltd
Registered number: 00504927
Company balance sheet (continued)
As at 28 February 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 43 form part of these financial statements.
Page 18