Company No: 01977927 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	371,644		602,373
Tangible assets	5	2,341,602		2,093,336
Investment property	6	565,000		579,481
Investments	7	1,100		1,100
		3,279,346		3,276,290
Current assets
Stocks		39,642		44,468
Debtors
- due within one year	8	477,869		690,056
- due after more than one year	8	23,020		23,260
Cash at bank and in hand		695,426		1,104,140
		1,235,957		1,861,924
Creditors: amounts falling due within one year	9	( 2,425,243)		( 1,628,230)
Net current (liabilities)/assets		(1,189,286)		233,694
Total assets less current liabilities		2,090,060		3,509,984
Creditors: amounts falling due after more than one year	10	( 698,163)		( 174,555)
Provision for liabilities	11	( 78,147)		( 85,776)
Net assets		1,313,750		3,249,653
Capital and reserves
Called-up share capital		100		100
Fair value reserve		7,222		7,222
Profit and loss account		1,306,428		3,242,331
Total shareholder's funds		1,313,750		3,249,653

For the financial year ending 31 May 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of A J Wakely & Sons Ltd (registered number: 01977927) were approved and authorised for issue by the Board of Directors on 02 September 2026. They were signed on its behalf by:

R J Wakely Director

S Wakely Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A J Wakely & Sons Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 91 East Street, Bridport, DT6 3LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the company has net current liabilities of £1,189,286. This position has arisen due to the exit of a shareholder. The directors have received assurances that this shareholder continues to support the business and will not demand payment until such a time that the company can afford to pay this debt. Furthermore, the company has sought loan financing of £500,000 after the balance sheet date. After making enquiries and raising additional funds, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Prior year adjustment

The accounts have been restated to allocate a property previously allocated as a tangible fixed asset to an investment property, as it was felt this better represented the substance of the property. The change decreased the tangible fixed assets by the net book value of the property, increased the profit and loss account reserves by the depreciation charge on this asset, and increased the value of investment property held within the accounts.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Other operating income is recognised at the fair value of the consideration received or receivable for rent charged in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Other operating income is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 - 50 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

		As previously reported		Adjustment		As restated
Year ended 31 May 2025		£		£		£
Profit and loss account		3,227,699		14,632		3,242,331
Tangible fixed assets		2,283,185		(189,849)		2,093,336
Investment Property		375,000		204,481		579,481

The accounts have been restated to allocate a property previously allocated as a tangible fixed asset to an investment property, as it was felt this better represented the substance of the property.

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	74		71

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 June 2025	2,934,326		2,934,326
At 31 May 2026	2,934,326		2,934,326
Accumulated amortisation
At 01 June 2025	2,331,953		2,331,953
Charge for the financial year	230,729		230,729
At 31 May 2026	2,562,682		2,562,682
Net book value
At 31 May 2026	371,644		371,644
At 31 May 2025	602,373		602,373

5. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 June 2025	2,285,297		1,356,899		230,622		297,418		100,003		4,270,239
Additions	339,902		0		18,500		44,657		5,271		408,330
Disposals	0		0		( 14,295)		0		0		( 14,295)
At 31 May 2026	2,625,199		1,356,899		234,827		342,075		105,274		4,664,274
Accumulated depreciation
At 01 June 2025	559,996		1,210,693		150,964		194,836		60,414		2,176,903
Charge for the financial year	61,318		36,551		23,899		17,285		19,982		159,035
Disposals	0		0		( 13,266)		0		0		( 13,266)
At 31 May 2026	621,314		1,247,244		161,597		212,121		80,396		2,322,672
Net book value
At 31 May 2026	2,003,885		109,655		73,230		129,954		24,878		2,341,602
At 31 May 2025	1,725,301		146,206		79,658		102,582		39,589		2,093,336

6. Investment property

	Investment property
	£
Valuation
As at 01 June 2025	579,481
Fair value movement	(14,481)
As at 31 May 2026	565,000

Valuation

One of the investment properties was revalued during the year by independent valuers. The value was conducted at open market value.

The other investment property was revalued at 31 May 2023 by the directors on a market value basis. There has been no material change in value since that date.

7. Fixed asset investments

Investments in subsidiaries

	2026
	£
Cost
At 01 June 2025	1,100
At 31 May 2026	1,100
Carrying value at 31 May 2026	1,100
Carrying value at 31 May 2025	1,100

At the balance sheet date the company had 2 wholly owned subsidiaries, both dormant companies. There were no further acquisitions within the period.

8. Debtors

	2026		2025
	£		£
Debtors: amounts falling due within one year
Trade debtors	438,864		642,041
Prepayments	38,765		47,775
Other debtors	240		240
	477,869		690,056
Debtors: amounts falling due after more than one year
Other debtors	23,020		23,260

Debtors falling due after more than one year are repayable by instalments, with no interest being charged.

9. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured)	79,834		76,411
Trade creditors	239,314		126,610
Amounts owed to Group undertakings	1,587,393		13,393
Amounts owed to directors	294,211		1,086,754
Accruals	111,751		74,452
Corporation tax	32,903		172,778
Other taxation and social security	54,436		59,280
Other creditors	25,401		18,552
	2,425,243		1,628,230

Amounts owed to Group undertakings and directors are repayable on demand and do not bear interest.

10. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	92,600		174,555
Amounts owed to Group undertakings	605,563		0
	698,163		174,555

Bank borrowings are secured by a fixed legal charge over the respective freehold properties.

11. Provision for liabilities

	2026		2025
	£		£
Deferred tax	78,147		85,776

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	91,890		98,342
Between one and five years	123,164		166,728
After five years	0		3,000
	215,054		268,070

The total commitment shown above is in relation to non-cancellable operating leases on business premises and equipment.

13. Related party transactions

Transactions with owners holding a participating interest in the entity

The company has taken advantage of the exemptions provided from disclosing transactions with its parent company.

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemptions provided from disclosing transactions with its wholly owned subsidiaries.

14. Ultimate controlling party

The company's ultimate parent is A J Wakely and Sons Holdings Limited, incorporated in England and Wales. Its registered office address is 91 East Street, Bridport, Dorset, United Kingdom, DT6 3LB.

These financial statements are available upon request from Companies House, Cardiff.