Registration number:
for the Year Ended
Windles Group Manufacturing Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Windles Group Manufacturing Limited
Company Information
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Directors |
M Armston B A Podmore A C Pitts |
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Company secretary |
M Armston |
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Registered office |
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Auditors |
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Windles Group Manufacturing Limited
Strategic Report for the Year Ended 30 November 2025
The directors present their strategic report for the year ended 30 November 2025.
Principal activity
The principal activity of the company is that of providing printing services
Fair review of the business
The results for the year-end financial position are shown in the annexed financial statements.
The economic environment in the year continues to be challenging and the company was impacted by the “Cost of Living Crisis” experienced in the UK. However, this was mitigated by the Company’s Strategic Decision to diversify into Luxury Packaging. As a result, Turnover was up 4.3% and gross margin percentage rose to 42% of Turnover.
The National Living Wage continues to increase and the increase on 1st April 2025 was above the Rate of Inflation at 4.1%. From the 1st April 2025, Employers National Insurance increased to 15% which the Company was able to absorb by further efficiencies in production.
The Bank of England’s Base Interest Rate fell on three occasions during the Financial Year from its 7th November 2024 rate of 4.75% to 4% on 23rd August 2025. The Interest paid in 2025, fell by 13.2% to £309,461.
As a result of the above, the company’s Profit Before Tax increased from £688,746 to £695,910.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
13,108,602 |
12,563,636 |
|
Gross Profit |
£ |
5,528,029 |
5,147,720 |
|
Gross profit % of turnover |
% |
42 |
41 |
|
EBITDA |
£ |
2,064,377 |
1,875,613 |
|
EBITDA % of turnover |
% |
16 |
15 |
|
Profit before tax |
£ |
695,910 |
688,746 |
|
Profit before tax % of turnover |
% |
5 |
5 |
|
Acquisition of Tangible Assets |
£ |
47,271 |
4,263,920 |
|
Cash generated |
£ |
59,974 |
29,049 |
Windles Group Manufacturing Limited
Strategic Report for the Year Ended 30 November 2025
Principal risks and uncertainties
Legislative and environmental risk
The directors have ensured that policies and procedures are in place to minimise the impact of legislative and environmental risks. The company considers its legislative and environmental requirements seriously and employs a number of specialist organisations to advise on compliance and implementation of effective strategies.
Credit rate risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made, as well as minimising ongoing credit risks. The amount of exposure to any individual counterparty is subject to a limit which is reassessed annually.
Exchange rate risk
The company has minimal exposure to exchange risk, with only a small proportion of transactions being non-sterling denominated. Where suppliers are exposed to exchange risk, we regularly liaise with those suppliers and, where needed, we take the necessary action.
Energy Prices
The company’s fixed rate energy contracts conclude in December 2026.
Interest rate risk
The company do not envisage much movement in the current Bank Base Rate and the company will experience higher interest charges on its Variable Rate Loans than it experienced in prior years. The company monitors the markets closely and regularly appraises the level of debt exposure.
Liquidity risk
The company monitors its cash position daily, and regularly forecasts its cash requirements to ensure there is sufficient liquidity.
Approved and authorised by the
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Windles Group Manufacturing Limited
Directors' Report for the Year Ended 30 November 2025
The directors present their report and the financial statements for the year ended 30 November 2025.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Windles Group Manufacturing Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
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 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.
Windles Group Manufacturing Limited
Independent Auditor's Report to the Members of Windles Group Manufacturing Limited
Opinion
We have audited the financial statements of Windles Group Manufacturing Limited (the 'company') for the year ended 30 November 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 November 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Windles Group Manufacturing Limited
Independent Auditor's Report to the Members of Windles Group Manufacturing Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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:
Windles Group Manufacturing Limited
Independent Auditor's Report to the Members of Windles Group Manufacturing Limited
We obtained an understanding of the laws and regulations applicable to the company through discussions with management, and from our wider knowledge of the company and industry. We determined that the most significant laws and regulations, which may have a material effect on the financial statements, include the Companies Act 2006, Taxation Legislation, Employment Law and Health & Safety legislation.
- the identified laws and regulations were communicated to the audit engagement team;
- we assessed the extent of compliance with the laws and regulations identified, through making enquiries of management, inspecting legal correspondence, personnel records.
We assessed the susceptibility of the company's financial statements to material misstatement due to fraud, by:
- reviewing managements’ own assessment of the company’s susceptibility to fraud;
- considering the strength of the control environment; and
- evaluating management’s incentives for fraudulent manipulation of the financial statements
We determined that the principal risks were related to misstatement of revenues and profit.
To address the risk of fraud, we:
- compared financial statement disclosures to supporting documentation;
- performed analytical procedures to identify any unusual trends;
- tested journal entries to identify unusual transactions; and
- investigated the rationale behind significant or unusual transactions, as well as key assumptions and estimates used in the preparation of the financial statements.
There are inherent limitations in the audit procedures described above 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. 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Windles Group Manufacturing Limited
Independent Auditor's Report to the Members of Windles Group Manufacturing Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
Windles Group Manufacturing Limited
Profit and Loss Account for the Year Ended 30 November 2025
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Note |
2025 |
2024 |
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|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
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Operating profit |
979,914 |
1,044,808 |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
|
|
(284,004) |
(356,062) |
||
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Profit before tax |
|
|
|
|
Tax on profit |
( |
|
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Windles Group Manufacturing Limited
(Registration number: 07277210)
Balance Sheet as at 30 November 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Tangible assets |
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|
|
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Investments |
|
|
|
|
|
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||
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Current assets |
|||
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Stocks |
|
|
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Debtors |
|
|
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Cash at bank and in hand |
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|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
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Net current liabilities |
( |
( |
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|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
200 |
200 |
|
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Retained earnings |
3,985,873 |
3,892,548 |
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Shareholders' funds |
3,986,073 |
3,892,748 |
Approved and authorised by the
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Windles Group Manufacturing Limited
Statement of Changes in Equity for the Year Ended 30 November 2025
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Share capital |
Retained earnings |
Total |
|
|
At 1 December 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 30 November 2024 |
200 |
3,892,548 |
3,892,748 |
|
Share capital |
Retained earnings |
Total |
|
|
At 1 December 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 30 November 2025 |
|
|
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Windles Group Manufacturing Limited
Statement of Cash Flows for the Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
|||
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Profit for the year |
|
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|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
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Profit on disposal of tangible assets |
- |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
( |
|
|
|
|
||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
|
|
Decrease/(increase) in trade debtors |
|
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
(Decrease)/increase in deferred income |
( |
|
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
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Net cash flows from investing activities |
( |
( |
|
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Net proceeds from/(repayment of) bank loans |
( |
|
|
|
Net payments from/(to) finance lease creditors |
|
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
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Net increase in cash and cash equivalents |
|
|
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Cash and cash equivalents at 1 December |
|
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Cash and cash equivalents at 30 November |
458,796 |
398,822 |
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Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies are set out below.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has financing in place which gives them headroom in the event of a downturn in performance.
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in
the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Foreign currency transactions and balances
Gains and losses arising on translation in the period are included in the profit or loss.
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of
comprehensive income, except that a charge attributable to an item of income and expense recognised as
other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax balances are recognised in respect of all the timing differences that have originated but not
reversed by the Balance sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probably that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair value of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible assets
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
|
Asset class |
Depreciation method and rate |
|
Freehold Buildings |
Straight line - 2% |
|
Plant and equipment |
Straight line - 7% to 25% |
|
Fixtures and Fittings |
Straight line - 15% |
|
Office Equipment |
Straight line - 15% to 30% |
|
Motor Vehicles |
Reducing Balance - 33% |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair
value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 8 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to
benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for
impairment at least annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the
unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the start of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are
repayable on demand and form an integral part of the Company's cash management.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of
stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.
Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives.
Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding each period.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they
fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the
plan are held separately from the Company in independently administered funds.
Long term employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and
Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction, where the
transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and
preference shares that are classified as debt, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as
payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Amounts payable are classified as current liabilities if payment is due
within one year or less. If not, they are presented as non-current liabilities. Trade creditors are
recognised initially at transaction price and subsequently measured at amortised cost using the effective
interest method.
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current and
future periods.
The following judgements and estimated have the most significant effects on amounts recognised in the
financial statements:
Useful lives of depreciable assets
Management reviews useful lives of depreciable assets at each reporting date. At the reporting date
management assesses that the useful lives represent the expected utility of the assets to the Company.
Actual results, however, may vary due to unforeseen events.
Stock provision
Management review the stock for slow moving or obsolete stock at each reporting date, with obsolete
stock being provided for.
Debtor provision
Management review trade debtors on an ongoing basis with an adequate provision for bad or doubtful
debtors being made at each reporting date.
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of Tangible assets |
- |
|
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
- |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Reorganisation costs |
- |
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
507,745 |
491,600 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
- |
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax adjustment to prior periods |
- |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense/(receipt) in the income statement |
|
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
- |
( |
|
Total tax charge/(credit) |
|
( |
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 December 2024 |
|
|
|
At 30 November 2025 |
|
|
|
Amortisation |
||
|
At 1 December 2024 |
|
|
|
At 30 November 2025 |
|
|
|
Carrying amount |
||
|
At 30 November 2025 |
- |
- |
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Tangible assets |
|
Freehold buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||
|
At 1 December 2024 |
|
|
|
|
|
|
|
Additions |
- |
|
|
|
- |
|
|
Disposals |
- |
- |
( |
- |
- |
( |
|
At 30 November 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 December 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
- |
( |
|
At 30 November 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 30 November 2025 |
|
|
|
|
|
|
|
At 30 November 2024 |
|
|
|
|
|
|
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and equipment |
5,707,659 |
2,900,407 |
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
|
England and Wales |
|
|
|
|
Waygold Limited The principal activity of Waygold Limited is |
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
|
|
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
- |
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
- |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Deferred income |
|
|
|
|
Invoice discounting |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Deferred income |
|
|
|
|
5,892,720 |
6,479,509 |
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
There are three loans in the year with details below:
- The loan of £1,300,000 was taken out from Lloyds Bank in 2015 with the variable interest of Base rate
plus an interest margin of 2.55% per annum, the repayment term is 15 years;
- The loan of 1,300,000 was taken out from Lloyds Bank in 2015 with the fixed interest rate of 2.35%
per annum, the repayment term is 15 years;
- The loan of £250,000 was taken out from British Business Bank in 2020 with the variable interest of
Base rate plus an interest margin of 2.87% per annum, the repayment term is 5 years.
Secured loans
The bank loans and invoice discounting balance are secured via an unlimited debenture and a legal charge against certain assets of the Company. Security is also held via a legal charge over certain assets held within The Portway Pension Scheme, a scheme of which Mr B A Podmore is a beneficiary.
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 December 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 November 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
103 |
|
103 |
|
|
|
75 |
|
75 |
|
|
|
22 |
|
22 |
|
|
|
|
|
|
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years by instalments |
|
|
|
- |
- |
|
Obligations under operating leases |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
- |
|
|
- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Dividends |
Final dividends paid
|
2025 |
2024 |
|||
|
Final dividend of £ |
|
|
||
|
Final dividend of £ |
|
- |
||
|
Final dividend of £ |
|
- |
||
|
|
|
|
Related party transactions |
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
During the year, the company paid rent of £45,630 (2024: £45,630) to The Portway Pension Scheme, a pension scheme of which Mr B A Podmore is a beneficiary. The rental payments relate to People’s House, a jointly owned property, of which The Portway Pension Scheme holds a 14% interest.
At the balance sheet date, no amounts were owed to Windles Group Manufacturing Limited (2024: £nil).
Included in other debtors are amounts owed from Take Note Book Limited of £2,749 (2024: £2,658), a customer of Windles Group, in respect of finance provided to support the business start‑up, and from Director Mrs A C Pitts of £12,192 (2024: £nil), relating to a loan provided by Windles Group.
Also included in other debtors are amounts owed from The Portway Pension Scheme of £90,172 (2024: £nil), in respect of finance provided to cover a shortfall.
Included in other creditors are amounts owed to the Dennis Podmore (deceased) Will Trust of £8,432 (2024: £4,348 owed from the Trust), which has common directors with Windles Group Manufacturing Limited, and amounts owed to the directors of £168 (2024: £12).
Also included in other creditors are amounts owed to The Portway Pension Scheme of £26,024 (2024: £26,024), relating to costs associated with the jointly owned property.
Included in amounts owed from group undertakings is a balance due from Windles Manufacturing Solutions Limited, the parent company, of £423,002 (2024: £nil). The prior‑year balance of £113,042, which was owed to the parent company, was fully repaid during the year, and a new loan was advanced.
Dividends totalling £20,000 (2024: £nil) were paid to the holders of B ordinary shares, being the Dennis Podmore (deceased) Will Trust.
Dividends totalling £44,000 (2024: £nil) were paid to the holders of C ordinary shares, being Windles Manufacturing Solutions Limited. All of these shares were acquired during the year, and no dividends were paid to the previous owner.
Windles Group Manufacturing Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Ultimate controlling party |
During the financial year, the ultimate controlling party of the Group was B A Podmore, by virtue of his majority shareholding in Windles Group Manufacturing Limited.
Subsequent to the year end, on 17 December 2025, Windles Manufacturing Solutions Limited became the entity with significant control of Windles Group Manufacturing Limited following its acquisition of shares in the company. However, B A Podmore remained the ultimate controlling party of the Group by virtue of his controlling interest in Windles Manufacturing Solutions Limited.