FOR THE YEAR ENDED 31 MARCH 2025
JOHN WAINWRIGHT & CO. LIMITED
COMPANY INFORMATION
JOHN WAINWRIGHT & CO. LIMITED
CONTENTS
JOHN WAINWRIGHT & CO. LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The chairman presents his statement for the period.
This is my last chairman’s statement. 15 years ago the job was dumped in my lap at the last moment by my predecessor’s sudden decision to resign but I have not regretted it for an instant. Wainwright is a wonderful Company and it has been a privilege to have held this post. I feel as though I could go on for ever but, as you know, I am a firm believer in ensuring that directors do not stay too long and the same applies to the chairmanship. I am sure that Peter Barkwill, with whom I have now worked for over 25 years, will be an excellent chair and I will still be around to lend a helping hand if he ever feels the need.
It feels appropriate to me that I am stepping down in the same year that Ann Luff left us. She was not only a great supporter of the Company but also very kind to me personally. We all miss her.
Much has happened over the past 15 years:
∙Turnover in 2011, the first year on which I reported, was £15.8 million; last year it was £56.8 million
∙Pre-tax profit was £1.2 million versus £3.8 million in 2025
∙Net assets grew over the period from £13.5 million to £29.9 million
∙Then we only had one site at Moons Hill; now we have two with a third well under way
∙Then we had 75 employees generating sales per head of £210,000; now we have 149 generating £380,000 per head
∙Our investment portfolio then was worth £1.6 million; now it is just over £3 million
∙In 2011 we paid out £360,000 in dividends; in 2025 we will have paid out £1 million
My own role in all these achievements was negligible except in one respect. In my view the main role of a chairman (and indeed of any non-executive director) is to ensure that there is a strong management team in place, to question their proposals closely and then to support them to the hilt. As I have frequently said before, Wainwright is very lucky to have had strong managers in place, first under the leadership of Peter Barkwill and now with Tom Longland as CEO. I remain confident therefore that Wainwright will continue to show strong growth in the future.
So against this background I am happy to report that the year to March 2025 showed a very strong recovery from the previous year. As usual Tom will go into the figures in more detail in his report but I would like to highlight a couple of things:
∙Turnover increased by a relatively modest 8% but operating profit doubled. A major factor in this improvement was greatly improved energy costs
∙Surfacing continued its strong growth accounting for 33.6% of sales versus 26.2% in the prior year
∙The business returned to generating significant amounts of cash: £5.1 million at the operating level versus £2.6 million in 2023-24
∙This enabled us to fund over £1 million more fixed investments than last year and boost our cash balance by three-quarters of a million pounds
∙The balance sheet remains very strong, with our net assets now just a shade under £30m.
The directors are therefore happy to recommend an increase in the final dividend to 6p, making a total of 11p for the year. This means a yield of 2.9% on the last share transaction price of £3.75. It is still not as high as I would like it to be but I hope we will be able to continue to follow a policy of increasing the dividend and the yield over time.
The current year has not been easy. The general economy is in the doldrums. The government’s often announced plans for driving forward capital investment are taking a very long time to move from hope to reality. We and all our competitors face weak demand and price pressure. At the end of the first quarter both sales and net profit were 14% lower than in the prior year. We consequently remain vigilant on costs.
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JOHN WAINWRIGHT & CO. LIMITED
CHAIRMAN'S STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
It only remains for me to thank both my fellow non-executive directors and the management team. It has been a real pleasure working with you all and I can step down with a high degree of confidence that the next exciting phase of Wainwright’s development will move ahead in a controlled and purposeful manner.
NamePhilip Percival
Chairman
Chairman
Date2 October 2025
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JOHN WAINWRIGHT & CO. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The 2024-25 trading period was a positive one for Wainwright, with turnover once again increasing and profit recovering largely due to improved margins against 2023-24. This reflects a renewed focus among our team on winning work, protecting margin and delivering for our customers, as well as the benefit of unwinding from higher energy costs incurred during the previous period.
I am delighted to report on our ongoing business growth. We are a professional operation that puts customer service at the heart and continues to be guided by our core values. The Wainwright legacy is strong: it lays foundations for a bright future.
I am delighted to report on our ongoing business growth. We are a professional operation that puts customer service at the heart and continues to be guided by our core values. The Wainwright legacy is strong: it lays foundations for a bright future.
We recorded our highest-ever turnover of £56,816,386, against which our pre-tax profit is £3,832,082 (vs £2,045,062 in 2023-24). The Company continues to expand, while maximising margin to deliver a healthy return for investors.
Particularly within our asphalt business, we have seen a re-alignment of price as, like us, other companies unwound from the post-Ukraine energy price spike. Asphalt is our main profit area and it is critical that we operate at the “right cost”. This means vigorously pursuing reduction in waste and energy use, producing high-quality materials with the right recycled content. Such activity aligns with our twin objectives of improving sustainability and reducing cost.
The aggregates business delivered a strong performance as a result of careful management of our mineral reserve. Our operational efficiency has been enhanced through a programme of planned preventative maintenance, helping minimise downtime and keep our plant in optimum condition.
Contracting also delivered a strong year – the best on record for turnover and profit – and continues to serve public- and private-sector clients across the region. The relatively consistent nature of local authority work allows us to ride the peaks and troughs of our asphalt customer demand. In consequence, we maintain our focus on winning more local authority contracts and expanding our geographical footprint.
Our team
Key to our success has been a rejuvenated senior management team, in which each person plays a role in driving the business forward.
I pay tribute to Technical Director Martyn Tatlow for leading on technical efficiencies that serve our ecologic priorities as well as reducing our cost base. I can see that we are now operating at industry best practice in terms of minimising waste, reducing energy consumption, and making best use of recycled and raw materials.
Commercial Director Chris Phillips has led our sales team to provide excellent service that deepens relationships with our customers. We lean into Chris’s experience while we navigate this period of constrained demand. Knowing which work to chase, but importantly which work not to chase, has helped protect our margin over the last 18 months. Chris has been supported by Transport Manager Darren Moore to ensure we deliver on our promises, and by an effective operational staff led by our talented Operations Director, Ben Dormer.
Contracting Director Lee Seviour has brought out the best in his team to deliver year-on-year success for his division. In addition, as an executive director, Lee has stepped up into a senior role within the business, helping set our direction and build our culture. He is a natural leader who brings a great deal to the Company.
Finally, and as ever, I thank our Financial Director Brian Rexworthy. He is at the very heart of Wainwright and an important point of connection with our shareholder community. Brian is a wonderful colleague and has been a great support to me personally since I joined the business.
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JOHN WAINWRIGHT & CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Safety and environment
Sustainability
Wainwright’s sustainability journey continues and will be documented in full in our annual sustainability report, which we publish in November 2025.
In the meantime, I am pleased to report that we have secured planning permission for 1.9MW of ground-mounted solar panels to be installed at the Moons Hill estate. This project has been driven by our outgoing Sustainability Manager Chloe Hart and is an embodiment of her tenacious work in Wainwright since 2021. We are sorry to see Chloe leave us for new adventures, but remain steadfast in our commitment to:
∙Minimise waste
∙Increase our use of recycled materials
∙Reduce energy consumption and make more use of sustainables
∙Enhance biodiversity across our estate
Health and safety
The 2024-25 trading period saw us undertake a comprehensive health and safety review, led by outside consultant Darren Broadhead. We wanted to challenge our own leadership of Health and Safety and Darren’s findings prompted us to further develop our strategy. Led by Safety, Health and Environment Manager Matt Bishop and supported by the senior management team, the strategy continues to embed safety as a shared priority across the whole workforce.
Our key areas of exposure relate to our ongoing business expansion, including into new product areas and geographical regions. We need to ensure Wainwright’s distinctive customer-first culture is safeguarded, maintaining our strong ethos and shared commitment to the company’s values. At the same time, we need to pursue the best possible margins so we continue to deliver a healthy return for our shareholders and a rewarding working environment for our team.
There remains a sense of uncertainty in the national economy, buffeted as it is by global geopolitical unrest and a degree of instability in domestic policy. We are not seeing the promised growth, particularly within housing, that would be a fillip to the whole industry. We hope the government can deliver its proposed improvements to the planning process that would reinvigorate the construction sector as a whole, thus generating significant opportunities for Wainwright.
As the fiscal purse strings tighten, we are mindful that public sector tendering will become more competitive than ever. We need to be on our mettle in terms of sustainability, price and social value to continue winning high-profile contracts with local and national government.
It is gratifying to report on an excellent year for Wainwright, delivered by a strong team that is committed to the company’s success. I thank our non-executive directors for their support and challenge and make particular mention of outgoing Chairman Philip Percival. During his tenure, Philip has been a fantastic source of wisdom, insight and guidance to Wainwright’s senior team. I will miss our regular catch-ups, and I am grateful for Philip’s ongoing commitment to Wainwright’s board as a non-executive director.
I greatly look forward to working under the chairmanship of Peter Barkwill – a name not unfamiliar to our shareholders and a person of considerable generosity and integrity. Together, I believe we can continue growing your Company, building on our proud heritage and delivering a sustainable future. Thank you for your support in achieving our goals.
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JOHN WAINWRIGHT & CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board on 2 October 2025
and signed on its behalf.
and signed on its behalf.
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JOHN WAINWRIGHT & CO. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The profit for the year, after taxation, amounted to £2,649,161 (2024: £1,320,488).
The directors propose dividends amounting to 11p per share for the year ended 31 March 2025, consisting of an interim dividend of 2.5p (paid in the year to 31 March 2024), and 2.5p, and a final of 6p. The dividends will be submitted for formal approval at the Annual General Meeting to be held on 23 October 2025. These financial statements do not reflect the final dividends payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the year ending 31 March 2026.
The directors who served during the year were:
The Company intends to continue with its core business activities of the production of aggregates and coated roadstone products, together with carrying out road surfacing contracts, whilst exploring other business opportunities as they arise.
The Company fosters business relationships with its customers by acting on feedback, using dedicated customer relationship managers and by maintaining a high quality of product and service at all times. The Company fosters business relationships with its suppliers by supporting a high number of local suppliers, ensuring relationships are mutually beneficial and paying invoices within agreed payment terms.
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JOHN WAINWRIGHT & CO. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company's greenhouse gas emissions and energy consumption for the year are:
Intensity ratio
The CO2e per tonne of asphalt and other aggregates sold was 8.98 (2024: 9.40).
Detail on energy efficiency and actions taken to reduce emissions will be included within the 24/25 sustainability report.
The review of the business and principal risks and uncertainties are covered in the strategic report.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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JOHN WAINWRIGHT & CO. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
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JOHN WAINWRIGHT & CO. LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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JOHN WAINWRIGHT & CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN WAINWRIGHT & CO. LIMITED
We have audited the financial statements of John Wainwright & Co. Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
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JOHN WAINWRIGHT & CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN WAINWRIGHT & CO. LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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JOHN WAINWRIGHT & CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN WAINWRIGHT & CO. LIMITED (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 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:
∙We have considered the nature of the industry and sector, control environment and business performance of the entity;
∙We have considered the results of our enquiries with management and the directors to their own identification and assessment of the risk of irregularities within the entity; and
∙We have considered any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition, we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company’s ability to operate or avoid a material penalty. These included health and safety regulations; employment legislation; and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
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JOHN WAINWRIGHT & CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN WAINWRIGHT & CO. LIMITED (CONTINUED)
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 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 Auditors
10 Temple Back
BS1 6FL
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JOHN WAINWRIGHT & CO. LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
REGISTERED NUMBER:00073151
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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JOHN WAINWRIGHT & CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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JOHN WAINWRIGHT & CO. LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
John Wainwright & Co. Limited is a limited liability company incorporated in the United Kingdom. The registered office is Moons Hill Quarry, Mendip Road, Stoke St Michael, Radstock, Somerset, BA3 5JU.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.
The following principal accounting policies have been applied:
As noted in the strategic report and the directors report believe that the Company has the ability to continue trading profitably and in a cash generative manner. The directors have prepared forecasts that support this position and are satisfied that there is sufficient headroom for the Company to be resilient to any adverse changes in the market.
On the basis of these forecasts, the directors are also satisfied that the Company has sufficient resources to meet its debt finance service requirement.
The directors therefore consider that it is appropriate to prepare the accounts on a going concern basis.
On the basis of these forecasts, the directors are also satisfied that the Company has sufficient resources to meet its debt finance service requirement.
The directors therefore consider that it is appropriate to prepare the accounts on a going concern basis.
Sale of goods and haulage
Revenue from sale of goods, including haulage charges, is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer. This is considered to be when the goods are recorded as despatched on the weighbridge.
Construction contracts
Revenue from construction contracts, primarily relating to civil engineering projects, is recognised incrementally as materials are despatched to the site of works.
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is provided on the following basis:
Freehold Property
4-20% straight line
Plant and Machinery
Crushing and screening plant: 6.67% straight line
New asphalt plant: 5% straight line
Other plant and machinery: 17.5% reducing balance
Motor Vehicles
Mobile Plant 14.3% straight line
Motor Vehicles 25% straight line
Fixtures and fittings
Computer hardware and software 33.3% straight line
Other fixture and fittings: 17.5% reducing balance
Freehold Property
4-20% straight line
Plant and Machinery
Crushing and screening plant: 6.67% straight line
New asphalt plant: 5% straight line
Other plant and machinery: 17.5% reducing balance
Motor Vehicles
Mobile Plant 14.3% straight line
Motor Vehicles 25% straight line
Fixtures and fittings
Computer hardware and software 33.3% straight line
Other fixture and fittings: 17.5% reducing balance
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period.
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The critical accounting judgments adopted by management applicable to this company are:
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share premium account
Revaluation reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £526,819 (2024: £539,558). Contributions totalling £53,594 (2024: £44,736) were payable to the fund at the reporting date.
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JOHN WAINWRIGHT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company entered into contracts with two of its suppliers after the year end to purchase bitumen under a forward purchase agreement. The agreement is to buy a fixed amount of bitumen on a monthly basis after the year end, the price of bitumen is fixed in each of the months. At the year end the commitments, which are due to expire in December 2025 and December 2026, were for a total value of £3,904,500. No provision is made in the accounts for this contract as the commitment is for a period after the year end.
There is no ultimate controlling party.
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