Registration number:
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Wellwinch Limited
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Brebners
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Wellwinch 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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Consolidated Income Statement |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Wellwinch Limited
Company Information
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Directors |
J R C Boucher E C Bourne C C Reeve |
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Company secretary |
R E Bonner |
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Registered office |
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Auditor |
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Wellwinch Limited
Strategic Report for the Year Ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026.
Principal activity
The principal activity of the group is that of the provision of a comprehensive range of services and products for the protection and preservation of goods and equipment against transit and environmental hazards primarily in the defence and aerospace sectors
Fair review of the business
Turnover for the year was £12,316,208, with pre-tax profits of £2,045,024. This performance was achieved despite significant challenges, including supply chain disruptions, increases in the National Minimum Wage and employer NIC, rising material and insurance costs, staff turnover, and employee retirements.
Looking ahead, the current global geopolitical environment has continued to increase long-term contracts, strengthening the group's orderbook. The group remains well positioned in its key sectors, particularly defence, where increased geopolitical tension has led to greater demand. Maintaining a stable workforce remains an area of focus for the group as we continue to experience the sector wide competition for suitable candidates.
Raw materials, and wage inflation continue to increase costs, prices are regularly reviewed for future orders and amended where possible.
The group remains committed to investing in its facilities and equipment and is poised to maintain profitability for the foreseeable future.
To support continued growth and improve operational capacity, the group has rented additional local storage space. In parallel, a new building to the rear of the existing factory site has been built and came into operation in July 2026. These investments will help address space constraints, improve workflow, and support future project delivery.
To further support the group’s operations and reflect the nature of the sectors in which it operates, site security has also been increased to enhance the protection of the group’s facilities, assets, stock, and customer-related materials.
Principal risks and uncertainties
The directors are constantly reviewing the market and the business to ensure that trading risk is minimised. Going forward the following risks have been identified and mitigations put in place:
• Dependence on a single key customer
The group's revenue is heavily reliant on one principal defence-related customer. While this relationship remains strong and long-standing, it presents a concentration of risk should there be changes in defence budgets, programme priorities, or procurement policies.
Mitigation:
The group is looking to reposition itself as a problem-solving engineering partner not just a container supplier. Use early design, feasibility and concept work as the door opener. Broaden who contributes to new business development in the company. Attend and contribute to defence and manufacturing shows in the UK and Europe.
Wellwinch Limited
Strategic Report for the Year Ended 31 March 2026
• Supply chain shortages continue to create stress within the manufacturing process.
Greater emphasis has been placed on mitigating this risk through the appointment of an Operations Director. The group aims to maintain three months' stock holding and regularly engages with new suppliers to strengthen supply chain resilience. Where possible, parts are sourced from multiple suppliers to reduce dependency on any single source.
• Inflationary pressures on materials costs continue to be a risk and will have an impact on trading performance.
Multi-year contracts are placed on suppliers with firm prices where possible.
• Staff recruitment and retention continue to be concern.
Employees pay scales have been reviewed to reflect the marketplace; benefits and incentives have been refreshed; training and development opportunities are in place to underpin skill levels within the company. In addition, a partnership with the regional college has been established and several recruitment agencies are working alongside the HR team to attract prospective applicants.
• Estimating for future projects over extended periods continues to pose a risk.
The group mitigates some of this risk by utilising VOP (Value of Production) formulas and government indices whenever possible.
Non-financial and sustainability information
Community and Environment
Our workforce is drawn from the local area, and the directors support their local community through sponsorship of sport and through the fundraising and sponsorship opportunities presented by employees.
We believe that businesses are responsible for achieving good environmental practice and operating in a sustainable manner. We are therefore committed to reducing our environmental impact and continually improving our environmental performance as an integral and fundamental part of our business strategy and operating methods. As part of this commitment, the group has invested in solar panels to reduce its reliance on grid electricity, lower carbon emissions, and support the long-term sustainability of its operations.
As part of this commitment, the group has engaged a consultant to support the development of a formal ESG (Environmental, Social, and Governance) policy, and to assist in embedding 5S principles throughout the business to improve workplace organisation, efficiency, and safety.
It is our priority to encourage our customers, suppliers, and all business associates to do the same. Not only is this sound commercial sense for all; it is also a matter of delivering on our duty of care towards future generations.
Protecting the environment forms part of the groups ISO 9001:2015 accreditation and is embedded in our Quality Management System.
Wellwinch Limited
Strategic Report for the Year Ended 31 March 2026
Financial risk, management objectives and policies
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Liquidity risk: The group operates within the agreed facilities negotiated with its bankers. |
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Interest rate risk: The group currently has no borrowings. |
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Foreign currency risk: The group mainly trades in sterling. Its trade in Euros is exposed to exchange rate fluctuations, and the current policy of the company is not to hedge this risk. |
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Credit risk: The group policy is to assess the creditworthiness of new customers and suppliers and to take information from those credit assessments into account in future dealings with them. At the balance sheet date, there were no significant concentrations of credit risk. |
The group tracks progress against its objectives through monthly performance reviews, weekly management meetings, and board meetings.
Approved by the
.........................................
Director
Wellwinch Limited
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the for the year ended 31 March 2026.
Directors of the group
The directors who held office during the year were as follows:
Dividends
During the year interim dividends amounting to £684,000 (2025: £684,000) were declared and paid. No final dividend is proposed.
Information included in the Strategic Report
The group has chosen in accordance with Section 414C (11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial risk management, exposure and future developments.
Research and development
The group carries out research and development activities in connection with the development of a bespoke database used to facilitate the trading activities of the group.
Directors' liabilities
The group has purchased Directors’ and Officers’ liability Insurance for Directors and Officers as permitted by section 233 of the Companies Act 2006.
Disclosure of information to the auditor
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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
.........................................
Director
Wellwinch 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 group and the company and of the profit or loss of the group 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 UK 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.
Wellwinch Limited
Independent Auditor's Report to the Members of
Wellwinch Limited
Opinion
We have audited the financial statements of Wellwinch Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026, which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Statement of Financial Position, Statement of Changes in Equity, Consolidated 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 group's and the company's affairs as at 31 March 2026 and of the group's 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 group 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.
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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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.
Wellwinch Limited
Independent Auditor's Report to the Members of
Wellwinch 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 6], 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.
Wellwinch Limited
Independent Auditor's Report to the Members of
Wellwinch Limited
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:
Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, environmental legislation, health and safety legislation, anti-bribery legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the Group is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
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, collusion, omission, misrepresentation or forgery.
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 auditor's report.
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.
Wellwinch Limited
Independent Auditor's Report to the Members of
Wellwinch Limited
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For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
Wellwinch Limited
Consolidated Income Statement for the Year Ended 31 March 2026
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Note |
Continuing operations |
Discontinued operations |
Total |
Continuing operations |
Discontinued operations |
Total |
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Turnover |
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- |
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|
|
|
|
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Cost of sales |
( |
- |
( |
( |
( |
( |
|
|
Gross profit |
|
- |
|
|
|
|
|
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Administrative expenses |
( |
- |
( |
( |
( |
( |
|
|
Other operating income |
|
- |
|
|
- |
|
|
|
Operating profit/(loss) |
|
- |
|
|
( |
|
|
|
Other interest receivable and similar income |
|
- |
|
|
- |
|
|
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Profit/(loss) before tax |
|
- |
|
|
( |
|
|
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Tax on profit |
( |
- |
( |
( |
- |
( |
|
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Profit/(loss) for the financial year |
|
- |
|
|
( |
|
The group has no recognised gains or losses for the year other than the results above.
Wellwinch Limited
Consolidated Statement of Financial Position as at 31 March 2026
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Note |
2026 |
2025 |
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Fixed assets |
|||
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Tangible assets |
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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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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
|
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
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Called up share capital |
3,420,000 |
3,420,000 |
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Capital redemption reserve |
855,000 |
855,000 |
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Revaluation reserve |
150,000 |
150,000 |
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Retained earnings |
4,094,995 |
3,216,624 |
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Equity attributable to owners of the company |
8,519,995 |
7,641,624 |
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Shareholders' funds |
8,519,995 |
7,641,624 |
Approved and authorised by the
.........................................
Director
Company registration number: 10975860
Wellwinch Limited
Statement of Financial Position as at 31 March 2026
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Note |
2026 |
2025 |
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Fixed assets |
|||
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Investments |
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Current assets |
|||
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Cash at bank and in hand |
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
- |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
3,420,000 |
3,420,000 |
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Shareholders' funds |
3,420,000 |
3,420,000 |
The company made a profit after tax for the financial year of £684,000 (2025 - £684,000).
Approved and authorised by the
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Company registration number: 10975860
Wellwinch Limited
Statement of Changes in Equity for the Year Ended 31 March 2026
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Share capital |
Retained earnings |
Total |
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At 1 April 2025 |
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- |
|
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 March 2026 |
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- |
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
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- |
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Profit for the year |
- |
|
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Dividends |
- |
( |
( |
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At 31 March 2025 |
3,420,000 |
- |
3,420,000 |
Wellwinch Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2026
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Note |
2026 |
2025 |
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
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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 |
- |
( |
|
|
Profit on disposal of intangible assets |
- |
( |
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Finance income |
( |
( |
|
|
Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
|
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Decrease/(increase) in trade and other debtors |
|
( |
|
|
Increase/(decrease) in trade and other creditors |
|
( |
|
|
Increase in provisions |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Proceeds from sale of intangible assets |
- |
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Dividends paid |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
3,459,845 |
2,162,795 |
|
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
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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:
The principal activity of the group is that of the provision of a comprehensive range of services and products for the protection and preservation of goods and equipment against transit and environmental hazards primarily in the defence and aerospace sectors
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Exemption has been taken under section 408 of the Companies Act 2006 to exclude the income statement of the parent undertaking.
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.
Summary of disclosure exemptions
The company has taken advantage of the following exemptions in its individual financial statements:
a) The presentation of the company's statement of cashflow.
b) The disclosure of the company's key management personnel compensation.
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March each year.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The group made a profit for the year ended 31 March 2026 and the consolidated statement of financial position showed the group had net current assets at that date amounting to £6,900,714 and net total assets amounting to £8,519,995 including cash at bank of £3,459,845.
The group continues to trade profitably and the cashflow forecasts demonstrate the group has sufficient working capital for a period of at least 12 months from the date of approval of the financial statements.
On the basis of above, and after making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The group recognises revenue when the amount of revenue can be reliably measured once the manufacture of equipment is completed in accordance with the contractual terms and complies with the technical specifications and safety standards.
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
|
Freehold property |
2% straight line |
|
Property improvements |
Between 2% and 20% straight line |
|
Plant & machinery |
Between 12.5% - 50% straight line |
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.
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Sale of goods - UK |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2026 |
2025 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - other |
9,585 |
9,433 |
|
Profit on disposal of property, plant and equipment |
- |
( |
|
Profit on disposal of discontinued operations |
- |
(144,505) |
|
Other interest receivable and similar income |
|
2026 |
2025 |
|
|
Other finance income |
|
|
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
- |
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
60,761 |
54,684 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2026 |
2025 |
|
|
Defined contribution pension scheme |
|
|
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Auditor's remuneration |
|
2026 |
2025 |
|
|
Audit of these financial statements |
7,200 |
6,000 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
25,200 |
24,000 |
|
|
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other assurance services |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated income statement
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
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 |
- |
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Total tax charge |
|
|
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
Deferred tax
Group
Deferred tax assets and liabilities
|
2026 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
Tangible assets |
Group
|
Freehold land and buildings |
Property improvements |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2025 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2026 |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
The freehold property was last revalued on 9 June 2016
Analysis of tangible fixed assets valued at the date of transition to FRS102 using the deemed cost exemption:
|
Freehold Property |
|||||||
|
£ |
|||||||
|
At 31 March 2026 |
|||||||
|
Historic cost equivalent |
1,147,000 |
||||||
|
Revaluation |
150,000 |
||||||
|
Carrying value |
1,297,000 |
||||||
|
£ |
|||||||
|
At 31 March 2025 |
|||||||
|
Historic cost equivalent |
1,166,000 |
||||||
|
Revaluation |
150,000 |
||||||
|
Carrying value |
1,316,000 |
|
Investments |
Company
|
2026 |
2025 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2025 and 31 March 2026 |
|
|
Carrying amount |
|
|
At 31 March 2026 |
|
|
At 31 March 2025 |
|
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
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 |
|
|
2026 |
2025 |
|||
|
|
150 Staplehurst Road, Sittingbourne, Kent, ME10 1XS |
|
|
|
|
Subsidiary undertakings |
|
E.P.S. Logistics Technology Limited The principal activity of E.P.S. Logistics Technology Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Other inventories |
|
|
- |
- |
|
Debtors |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Accrued income |
- |
|
- |
- |
|
Gross amount due from customers for contract work |
|
|
- |
- |
|
|
|
- |
- |
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash at bank |
|
|
|
|
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Creditors |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
||||
|
Trade creditors |
|
|
- |
- |
|
Amounts due to group undertakings |
- |
- |
|
|
|
Social security and other taxes |
|
|
- |
- |
|
Other payables |
|
|
- |
- |
|
Accruals |
|
|
- |
- |
|
Corporation tax liability |
247,765 |
367,523 |
- |
- |
|
|
|
|
|
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 April 2025 |
|
|
|
|
Additional provisions |
|
|
|
|
At 31 March 2026 |
|
|
|
|
|
|||
Other provisions relates to anticipated future costs of fulfilling contracted commitments on completed customers orders.
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
3,420,000 |
|
3,420,000 |
|
Commitments, Guarantees and Contingencies |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
- |
|
|
|
|
Dividends |
Dividends paid
|
2026 |
2025 |
|||
|
Interim dividends of 20p (2025: 20p) per |
|
|
||
Wellwinch Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Related party transactions |
Summary of transactions with subsidiaries
Summary of transactions with other related parties
The group also paid an amount of £30,000 (2025: £30,000) to companies under the control of a director for the rental of storage facilities.
At 31 March 2026 an amount of £Nil (2024: £800,000) was due from a Trust in which a director acts as a trustee and is a beneficiary. Interest of £24,000 (2025: £32,000) was payable to the group at a rate of 4% pa.
During the year dividends of £425,050 (2025: £254,050) were paid to the directors.
Compensation payable to key management personnel
Key management personnel comprises of the directors of the company plus the directors of the subsidiary undertakings. The amount payable in the year was £560,819 (2025: £502,175).
|
Parent and ultimate parent undertaking |
The ultimate controlling party is Mrs S A R Boucher.
|
Non adjusting events after the financial period |
Subsequent to the year end, the group purchased investment property at a cost of £350,000.