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Registered number:
For the Year Ended
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Widdop Bingham & Co Limited
Company Information
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Widdop Bingham & Co Limited
Contents
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Widdop Bingham & Co Limited
Strategic Report
For the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
This review is consistent with the size and nature of the Company's operations and considers the risks and uncertainties faced during the period.
Revenue for the Company was £21.5m (2023: £23.1m). In already tough trading conditions, sales were unfortunately negatively impacted by a significant cyber incident on April 27th 2024 that temporarily stopped all operations and led to a significant loss of sales in the following period. Although no exact measure of lost business can be calculated, it is estimated that this amount was in excess of £1m. In addition, the disruption caused by rebuilding systems and processes caused a significant delay in ordering and confirming product for the key Christmas period that led to further lost sales in Q4 due to delayed deliveries in that period. The company losses in 2024 can be wholly attributed to this exceptional event and its associated costs. However, the recovery has been incredible, and the Directors are proud of the team effort during this period of disruption that has enabled the business to return to normal trading in a manageable timeframe when compared against other recent and more public Cyber incidents. The directors also believe that the business now has a more secure platform, having undertaken a comprehensive and thorough review of its digital infrastructure. Gross profit for the Company was £8.1m (2023: £8.6m). This was lower than forecast due to the lower sales (as described above) but, encouragingly, overall gross margin was in line with budgeted expectations. There is still volatility in commodity and transport costs due to global factors, but the directors believe that these are more manageable now that in recent years. The business actively managed direct and overhead costs in the period and overall these remained broadly in line with the prior period, despite continued inflationary pressures and significant disruption arising from the cyber incident in Q2. Overall, there was an operating loss of £0.7m (2023: profit of £0.9m). The loss after tax was £1.1m (2023: profit of £0.8m), after payment of £0.3m of financing costs. The business continued to make all loan payments when due during the period and expects financing costs to reduce in future periods as the level of debt reduces. Despite the operational disruption in the period, the business remained within its banking facilities and comfortably met the covenant requirements for its working capital facilities. The business is budgeted and has taken positive action to return to significant profitability in FY25, although this will could be reduced by the additional costs of employment implemented by the UK government in April 2025.
As with many companies in this industry, our greatest challenge continues to be the volatility and inflationary pressures associated with sourcing and shipping from China, where the majority of our products are manufactured. Global conflicts and their resulting impacts on lead times, pricing, stock availability, and shipping schedules have highlighted the vulnerabilities of distant supply chains and their effect on product launches, particularly those with seasonal deadlines. We are committed to reducing our reliance on China and increasing UK manufacturing, the pricing, quality, and reliability of our newer suppliers in other parts of Asia and Europe remain inconsistent and are often less competitive.
FY 2024 was the first full year of operation of our overseas office in Shenzhen. This has enabled us to operate more closely with our Chinese suppliers is enabling us to implement efficiencies in product sourcing, quality control, and supply chain management.
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Widdop Bingham & Co Limited
Strategic Report (continued)
For the Year Ended 31 December 2024
Our sales are closely linked to consumer spending patterns. Consumer confidence continues to be weak and disposable incomes for most families remain under pressure. Independent retailers also face ongoing challenges in remaining competitive on the high street, with rising minimum wages and rates. In addition, there are growing competitive pressures from discount retailers and direct imports from Asia. We mitigate these risks by expanding shipping options for our customers, such as drop ship and FOB, and by differentiating our product through our design capabilities and license agreements, alongside more white-label product development.
The business buys stock across ranges of products which requires minimum quantity orders (“MOQs). This can lead to a requirement for clearance at reduced profitability that can impact Company margin. We now manufacture certain small run items in the UK through our Now or Never Studios. This enables us to continue to offer attractive ranges without having to stock uncommercial MOQs to improve our stock turn efficiency. Changes in currency (US$) and shipping rates directly impact the profitability of the business. The business looks to mitigate any uncertainty through forward purchasing of US$. The business does not operate any speculative hedging with regard to currency. The position with Euros is different as the company a net seller so the directors closely manage currency fluctuations to optimise our Euro exposures.
Our key financial performance indicators are turnover, gross margin, operating profits, and cash generation.
In FY24: Turnover: £21.57m (2023: £23.15m) Gross margins: 37.5% (2023: 37%) Operating loss before exceptional items: £0.7m (2023: profit £0.05m) Cash carried forward: £0.67m (2023: £1.37m)
The company monitors sales by distribution channel to ensure that sales targets are met and to understand the various segments of retail that it fulfils. It also monitors sales by brand to ensure that sales are maintained over a balanced portfolio of products and to focus investment on those brands that have the most growth potential.
The company monitors gross margins by range and by sales channel to ensure that it meets its required blended gross margin targets and maintains a platform for the overall profitability of the Company. The company monitors aged stock to ensure that any clearance stock is managed to produce the optimum return and to ensure that working capital is managed efficiently by seeking to maintain a high proportion of saleable stock at any particular time.
This report was approved by the board and signed on its behalf.
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Widdop Bingham & Co Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
The loss for the year, after taxation, amounted to £1,066,120 (2023 - profit £766,397).
Dividends paid on equity capital amounted to £NIL (2023: £NIL). The Directors do not recommend the payment of a final dividend.
The directors who served during the year were:
This period, the Company continued to develop the in-house IT system and website, to develop digital channels and expand Business to Consumer e-commerce. We constantly review and develop our own website and also our bespoke digital “sales tool” for the various sales teams. Constant improvements to our CRM system also help to enhance our whole IT suite. It is to the credit of this team and the systems that we were able to resume our operations in some form so quickly after our Cyber Incident when many firms never can.
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Widdop Bingham & Co Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
The Company continues to recognise the importance of Environmental, Social and Governance matters and seeks to achieve a market leading status for its industry in each area despite a mounting volume of mandatory legislation to support our sales across the EU and USA in particular.
In 2024, we utilised 210 factories, an increase from the 184 in 2023 (184 – FY23) and 90% (88% - FY23) of our purchases came from factories audited to a minimum of a BSCI or SMETA 2 Pillar Audit. We aim to increase this percentage to over 95% in the short term. In addition, our Widdop and Co HQ and manufacturing facility has also now been audited for the first time by QIMA with outstanding results. We continue to reduce our Carbon Footprint and remove single use plastics from our operations and our products with an objective to have completely removed any non-biodegradable items by 2026. Following the conclusion of our CEO’s role on the Board of Trustees for the anti-trafficking organisation, Hope for Justice, he has now taken up a position as the deputy Chairman of the UK Giftware Association allowing Widdop to be represented heavily in the key industry body supporting regulatory development and innovation in the industry.
Future developments and financial risk management are considered to be of strategic importance and are thus disclosed in the Strategic Report.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Widdop Bingham & Co Limited
Independent Auditors' Report to the Members of Widdop Bingham & Co Limited
We have audited the financial statements of Widdop Bingham & Co Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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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Widdop Bingham & Co Limited
Independent Auditors' Report to the Members of Widdop Bingham & 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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Widdop Bingham & Co Limited
Independent Auditors' Report to the Members of Widdop Bingham & 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Widdop Bingham & Co Limited
Independent Auditors' Report to the Members of Widdop Bingham & Co Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any 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.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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
3 Stockport Exchange
SK1 3GG
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Widdop Bingham & Co Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Widdop Bingham & Co Limited
Registered number: 00171327
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 29 form part of these financial statements.
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Widdop Bingham & Co Limited
Statement of Changes in Equity
For the Year Ended 31 December 2024
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Widdop Bingham & Co Limited is a private company limited by share capital incorporated in England & Wales, company number 00171327. The address of the registered office and the principal place of business is Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XE.
The nature of the company's operation and its principal activity is that of an importer and distributor of giftware and associated products.
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 following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 33 Related Party Disclosures paragraph 33.7 (key management compensation). This information is included in the consolidated financial statements of Diamond Stone International Ltd as at 31 December 2024 and these financial statements may be obtained from Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XE.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate. In making this assessment, the directors have considered the company’s budgets and cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements, as well as the current economic environment and the possible effects on the business of reasonably possible changes in trading performance.
The directors have a reasonable expectation that the company has adequate resources, facilities and support of its lenders in order to meet its liabilities as they fall due for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. After reviewing the company’s liquidity position, available committed facilities and forecast cash flows, the directors have concluded that the going concern basis is appropriate. The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Where material, foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. At 31 December 2024, the Company determined that the fair value of its forward contracts, net of its firm commitments, are immaterial. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Research and development expenditure is written off in the year in which it is incurred.
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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.
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.
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.
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.
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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.
Recoverable value of trade debtors The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. At 31 December 2024, the Company has recognised a provision against trade debtors of £40,308 (2023: £73,367). Stock valuation The Company exercises judgement in estimating the obsolescence of stock and making impairments to reflect the difference between cost and estimated net realisable value. At 31 December 2024, the Company has recognised a provision against stock of £1,114,652 (2023: £942,860).
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The whole of the turnover is attributable to its principal activity as described in note 1.
Analysis of turnover by country of destination:
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
11.Taxation (continued)
At 31 December 2024, the company had tax losses carried forward of £1,269,536 (2023: £269,580). These losses may be available to offset against future taxable profits, thereby reducing future tax liabilities. The availability and utilisation of these losses will depend on the company generating sufficient taxable profits in future periods.
No deferred tax asset has been recognised in respect of the losses carried forward.
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
13.Tangible fixed assets (continued)
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses, net of dividends paid.
At 31 December 2024, the company was committed to purchasing foreign currency under contracts agreeing a set forward rate. Such commitments amounted to £3,054,289 (2023: £3,708,014).
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 £182,388 (2023: £174,361). Contributions totalling £30,670 (2023: £31,814) were payable to the fund at the balance sheet date and are included in creditors.
In addition two directors are members of a self administered pension scheme which involves no minimum contractual benefit commitments. During the period no employer contributions were made to the directors' scheme (2023: £Nil).
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Widdop Bingham & Co Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The company's immediate parent undertaking is Widdop & Co (Holdings) Limited, a company registered in England and Wales, company number 13952440.
The Company's ultimate parent is Diamond Stone International Ltd, a company registered in England and Wales, registered number 14787679. Diamond Stone International Ltd was the ultimate parent company and the parent of the largest group for which consolidated group accounts are prepared. There was no controlling party of Diamond Stone International Limited. The registered address of Diamond Stone International Ltd is Broadgate Broadway Business Park, Chadderton, Oldham, United Kingdom, OL9 9XE. The consolidated financial statements of Diamond Stone International Ltd may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.
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