Statutory Copy
THOMAS WRIGHT/THORITE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Company Registration No. 00177707 (England and Wales)
THOMAS WRIGHT/THORITE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr S T Wright
Mr M R Yates
Mr R Oldale
(Appointed 12 April 2021)
Secretary
Mr S T Wright
Company number
00177707
Registered office
Hillam Road
Off Canal Road
Bradford
West Yorkshire
BD2 1QN
Auditor
Naylor Wintersgill Limited
Carlton House
Grammar School Street
Bradford
BD1 4NS
Bankers
Natwest Bank plc
1 Market Street
Bradford
West Yorkshire
BD1 1EG
THOMAS WRIGHT/THORITE GROUP LIMITED
CONTENTS
Page
Strategic report
3 - 4
Directors' report
1 - 2
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
THOMAS WRIGHT/THORITE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of the sale and installation of compressed air equipment.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £5,032. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S T Wright
Mr A Donkersley
(Resigned 16 April 2021)
Mr M R Yates
Mr R Oldale
(Appointed 12 April 2021)
Auditor
In accordance with the company's articles, a resolution proposing that Naylor Wintersgill Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible 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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
THOMAS WRIGHT/THORITE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
On behalf of the board
Mr S T Wright
Director
4 October 2022
THOMAS WRIGHT/THORITE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
The directors present the strategic report for the year ended 31 March 2022.
Fair review of the business
The principal activity of the company continued to be that of the sale and installation of compressed air equipment.
During the year all the subsidiary undertakings were dormant.
Following the global Covid-19 pandemic in 2020 and early 2021, the directors put in place strong plans to recover the business back to levels prior to the pandemic. Broadly, these plans succeeded and the businesses turnover increased by 10.8% on 20/21 figures but more importantly grew by 3.2% over 19/20 figures. Profit nominally increased by £85,000 on 20/21 however, this includes a £100,000 grant toward the renovation of our new head office from the West Yorkshire Combined Authority / Leeds LEP. During 21/22 the company’s reliance on the government furlough diminished significantly. Depreciation also increased significantly due to the investment in the new head office.
During the early part of the financial year, the business and it’s supply chain was still suffering from the impacts of pandemic and Brexit, and these continue to impact particularly on product that have electronic content. It is also fair to say that an ongoing merry go round of price increases have slowed down the businesses and economy’s recovery.
Geographic growth is at the heart of the company’s strategy and we have extended our coverage with the appointment of two Business Development Managers in the south and East Midlands.
In July 2019, our holding company, T Wright Holdings Ltd, bought an existing building in Bradford to replace our head office. The move into the new site, in January 2021, has brought significant synergies to the business, allowing it to move the systems build element of our business into the new site and vastly increase it’s capabilities. The new warehousing facility is allowing us to increase productivity in the warehouse and service teams by consolidating our warehousing operations. Inevitably, by moving to a larger building, undertaking significant renovations, this has brought extra cost into the business in terms of operating costs and additional depreciation charges. The directors still view the move as essential to realising a business fit for the future and that it has created a platform for the next 10 years growth.
Principal risks and uncertainties
The combined effects of Covid-19, Brexit and the Ukraine war weigh heavy on the business. Supply chain issues and customer wariness have remained prevalent since the start of the pandemic, compounding supply issues brought on by Brexit. Price escalation due to supply shortages make customer relations more challenging and since the outbreak of the Ukraine war, these price escalations have reached new levels and many prices can only be relied on for a few days.
Delivery for many products which would have been previously ex-stock or a few days can now be measured in weeks, this has put pressure on the business to carry more inventory or manage customer expectations. We are seeing a rotating issue with suppliers, we have a problem, we fix it and then a problem pops up with another supplier. Anything with electronics in is a problem and we cannot as yet see a time when this challenge deescalates.
With regard to the energy crisis, our energy prices have been fixed from 2020 until 2025, increasing energy prices do bring certain opportunities to supply more energy efficient equipment to our customers.
Development and performance
During late 2020 the company gave the go ahead to replace the corporate and trading website. The website went live in January 2022.
Thorite continues to seek new product ranges to add to the portfolio and continues to look for ways to expand the geographic coverage of the business, either through acquisitive or organic growth.
THOMAS WRIGHT/THORITE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
Mr S T Wright
Director
4 October 2022
THOMAS WRIGHT/THORITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMAS WRIGHT/THORITE GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Thomas Wright/Thorite Group Limited (the 'company') for the year ended 31 March 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 March 2022 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.
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's
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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THOMAS WRIGHT/THORITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS WRIGHT/THORITE GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which 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
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 directors'
r
esponsibilities
s
tatement, 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's 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
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
THOMAS WRIGHT/THORITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS WRIGHT/THORITE GROUP LIMITED
- 7 -
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK law and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure or increase the capital position of the Company, and management bias in accounting estimates and judgmental areas of the financial statements such as the valuation of stock and revenue recognition. Audit procedures performed by the engagement team included:
-
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, posted on unusual days, posted by infrequent users, posted by senior management or posted with descriptions indicating a higher level of risk;
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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Alan Wintersgill (Senior Statutory Auditor)
For and on behalf of Naylor Wintersgill Limited
4 October 2022
Chartered Accountants
Statutory Auditor
Carlton House
Grammar School Street
Bradford
BD1 4NS
THOMAS WRIGHT/THORITE GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
2022
2021
Notes
£
£
Turnover
3
19,773,741
17,842,284
Cost of sales
(15,102,252)
(14,023,834)
Gross profit
4,671,489
3,818,450
Distribution costs
(279,167)
(249,911)
Administrative expenses
(4,181,748)
(3,830,553)
Other operating income
140,508
526,798
Operating profit
4
351,082
264,784
Interest receivable and similar income
7
1
130
Interest payable and similar expenses
8
(11,263)
(10,425)
Profit before taxation
339,820
254,489
Tax on profit
9
(51,415)
(45,667)
Profit for the financial year
288,405
208,822
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THOMAS WRIGHT/THORITE GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
11
1
1
Other intangible assets
11
1,535
1,873
Total intangible assets
1,536
1,874
Tangible assets
12
2,054,087
2,001,166
Investments
13
101,308
101,308
2,156,931
2,104,348
Current assets
Stocks
15
2,521,169
2,087,191
Debtors
16
5,294,872
4,790,116
Cash at bank and in hand
758
1,967
7,816,799
6,879,274
Creditors: amounts falling due within one year
17
(6,245,021)
(5,559,588)
Net current assets
1,571,778
1,319,686
Total assets less current liabilities
3,728,709
3,424,034
Provisions for liabilities
Deferred tax liability
19
254,179
232,877
(254,179)
(232,877)
Net assets
3,474,530
3,191,157
Capital and reserves
Called up share capital
22
40,719
40,719
Share premium account
765,886
765,886
Capital redemption reserve
8,793
8,793
Profit and loss reserves
2,659,132
2,375,759
Total equity
3,474,530
3,191,157
The financial statements were approved by the board of directors and authorised for issue on 4 October 2022 and are signed on its behalf by:
Mr S T Wright
Director
Company Registration No. 00177707
THOMAS WRIGHT/THORITE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2020
40,719
765,886
8,793
2,205,953
3,021,351
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
208,822
208,822
Dividends
10
-
-
-
(39,016)
(39,016)
Balance at 31 March 2021
40,719
765,886
8,793
2,375,759
3,191,157
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
288,405
288,405
Dividends
10
-
-
-
(5,032)
(5,032)
Balance at 31 March 2022
40,719
765,886
8,793
2,659,132
3,474,530
THOMAS WRIGHT/THORITE GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
- 11 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
207,362
1,794,776
Interest paid
(11,263)
(10,425)
Net cash inflow from operating activities
196,099
1,784,351
Investing activities
Purchase of intangible assets
(1,407)
Purchase of tangible fixed assets
(260,397)
(1,743,132)
Proceeds on disposal of tangible fixed assets
22,872
24,763
Interest received
1
130
Net cash used in investing activities
(237,524)
(1,719,646)
Financing activities
Repayment of borrowings
(29,330)
97,588
Dividends paid
(5,032)
(39,016)
Net cash (used in)/generated from financing activities
(34,362)
58,572
Net (decrease)/increase in cash and cash equivalents
(75,787)
123,277
Cash and cash equivalents at beginning of year
(137,708)
(260,985)
Cash and cash equivalents at end of year
(213,495)
(137,708)
Relating to:
Cash at bank and in hand
758
1,967
Bank overdrafts included in creditors payable within one year
(214,253)
(139,675)
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 12 -
1
Accounting policies
Company information
Thomas Wright/Thorite Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Hillam Road, Off Canal Road, Bradford, West Yorkshire, BD2 1QN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company
is a qualifying entity for the purpose of FRS102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cashsettled share-based payments, explanation of modifications to arrangements.
Thomas Wright/Thorite Group Limited is a wholly owned subsidiary of T Wright Holdings Limited and the financial statements of Thomas Wright/Thorite Group Limited are included in the consolidated financial statements of T Wright Holdings Limited. These consolidated financial statements are available from the Registrar of Companies, Companies Registration Office, Crown Way, Cardiff, CF14 3UZ.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
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.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 13 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Patents
10% straight line
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Building improvements
2% straight line
Plant and machinery
20% straight line & 25% reducing balance
Fixtures, fittings & equipment
10% - 33% straight line & 25% reducing balance
Motor vehicles
25% & 33% reducing balance
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
.
1.7
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.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 14 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.10
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 current liabilities.
1.11
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.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 15 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
paymen
ts 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. A
m
ounts 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.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 17 -
1.17
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and 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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Turnover
19,773,741
17,842,284
2022
2021
£
£
Turnover analysed by geographical market
Europe (EU)
94,389
175,033
Non-EU
124,022
51,245
U.K
19,555,330
17,616,006
19,773,741
17,842,284
2022
2021
£
£
Other revenue
Interest income
1
130
Grants received
117,766
523,065
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 18 -
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(117,766)
(523,065)
Fees payable to the company's auditor for the audit of the company's financial statements
7,500
7,500
Depreciation of owned tangible fixed assets
190,479
143,525
(Profit)/loss on disposal of tangible fixed assets
(5,875)
2,965
Amortisation of intangible assets
338
1,286
Operating lease charges
306,262
319,323
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Office and management
32
30
Sales, service and warehousing
100
95
Total
132
125
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
4,263,992
3,878,384
Social security costs
469,099
425,880
Pension costs
124,821
119,527
4,857,912
4,423,791
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
434,828
457,203
Company pension contributions to defined contribution schemes
23,611
26,648
458,439
483,851
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2021 - 3).
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
183,078
185,866
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
1
130
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
1
130
8
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
11,263
10,425
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 20 -
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
30,113
(123,588)
Deferred tax
Origination and reversal of timing differences
21,302
169,255
Total tax charge
51,415
45,667
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
339,820
254,489
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
64,566
48,353
Tax effect of expenses that are not deductible in determining taxable profit
1,789
(2,931)
Capital allowances
(71,381)
(197,088)
Depreciation
35,139
28,078
Deferred tax
21,302
169,255
Taxation charge for the year
51,415
45,667
10
Dividends
2022
2021
£
£
Interim paid
5,032
39,016
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 21 -
11
Intangible fixed assets
Goodwill
Patents
Total
£
£
£
Cost
At 1 April 2021 and 31 March 2022
239,635
7,131
246,766
Amortisation and impairment
At 1 April 2021
239,634
5,258
244,892
Amortisation charged for the year
338
338
At 31 March 2022
239,634
5,596
245,230
Carrying amount
At 31 March 2022
1
1,535
1,536
At 31 March 2021
1
1,873
1,874
12
Tangible fixed assets
Building improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2021
651,507
448,108
2,446,867
57,391
3,603,873
Additions
17,581
237,109
5,707
260,397
Disposals
(32,397)
(12,303)
(15,913)
(60,613)
At 31 March 2022
651,507
433,292
2,671,673
47,185
3,803,657
Depreciation and impairment
At 1 April 2021
9,382
355,902
1,188,088
49,335
1,602,707
Depreciation charged in the year
32,125
24,853
128,898
4,603
190,479
Eliminated in respect of disposals
(19,059)
(9,364)
(15,193)
(43,616)
At 31 March 2022
41,507
361,696
1,307,622
38,745
1,749,570
Carrying amount
At 31 March 2022
610,000
71,596
1,364,051
8,440
2,054,087
At 31 March 2021
642,125
92,206
1,258,779
8,056
2,001,166
13
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
14
101,308
101,308
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 22 -
14
Subsidiaries
These financial statements are separate company financial statements for Thomas Wright/Thorite Group Limited.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts.
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Comprite Limited
England
Ordinary
100
Thomas Wright (Bradford) Limited
England
Ordinary
100
Thomas Wright (North West) Limited
England
Ordinary
100
Thomas Wright Air Centres Limited
England
Ordinary
100
Thorite Limited
England
Ordinary
100
The investments in subsidiaries are all stated at cost.
15
Stocks
2022
2021
£
£
Finished goods and goods for resale
2,521,169
2,087,191
16
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,993,294
3,741,879
Corporation tax recoverable
123,588
123,588
Amounts owed by group undertakings
729,584
628,416
Other debtors
62,176
11,535
Prepayments and accrued income
386,230
284,698
5,294,872
4,790,116
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 23 -
17
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans and overdrafts
18
214,253
139,675
Other borrowings
18
172,740
202,070
Trade creditors
4,491,360
3,974,233
Amounts owed to group undertakings
101,308
101,308
Corporation tax
30,113
Other taxation and social security
365,537
445,779
Government grants
20
6,237
8,202
Other creditors
399,898
272,934
Accruals and deferred income
463,575
415,387
6,245,021
5,559,588
18
Loans and overdrafts
2022
2021
£
£
Bank overdrafts
214,253
139,675
Other loans
172,740
202,070
386,993
341,745
Payable within one year
386,993
341,745
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 24 -
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Deferred tax
254,179
232,877
2022
Movements in the year:
£
Liability at 1 April 2021
232,877
Charge to profit or loss
21,302
Liability at 31 March 2022
254,179
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
20
Government grants
2022
2021
£
£
Arising from government grants
6,237
8,202
21
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
124,821
119,527
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
384,650
384,650
38,465
38,465
Ordinary-A shares of 10p each
22,540
22,540
2,254
2,254
407,190
407,190
40,719
40,719
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 25 -
23
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties and motor vehicles.
Property leases are negotiated on a property by property basis and have varying terms and rental amounts. With regards to motor vehicle leases are negotiated for an average term of 4 years and rentals are fixed for an average of 4 years.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
163,461
159,162
Between two and five years
274,851
238,324
In over five years
21,175
51,675
459,487
449,161
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2022
2021
£
£
Aggregate compensation
458,440
483,320
25
Directors' transactions
The company leased a property jointly owned by director Mr S T Wright and former directors Mrs D Wright and Mr T E Wright. The company also leased another property jointly owned by former directors Mrs D Wright and Mr T E Wright. Total rent of £34,128 (2021 - £28,385) was paid for the use of the properties.
Loans
have been granted by the directors
to the company
as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan account
4.89
129,611
7,304
9,386
(17,710)
128,591
129,611
7,304
9,386
(17,710)
128,591
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 26 -
26
Ultimate controlling party
The parent company is T Wright Holdings Limited. Registered office being Thorite House Hillam Road, Off Canal Road, Bradford, BD2 1QN.
The ultimate controlling party is Mr T E Wright, by virtue of his majority shareholding in the parent company.
The largest group in which the results of the company are consolidated is that headed by T Wright Holdings Limited, the financial statements of which may be obtained from the Registrar of Companies, Companies Registration Office, Crown Way, Cardiff, CF14 3UZ.
27
Analysis of changes in net debt
1 April 2021
Cash flows
31 March 2022
£
£
£
Cash at bank and in hand
1,967
(1,209)
758
Bank overdrafts
(139,675)
(74,578)
(214,253)
(137,708)
(75,787)
(213,495)
Borrowings excluding overdrafts
(202,070)
29,330
(172,740)
(339,778)
(46,457)
(386,235)
28
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
288,405
208,822
Adjustments for:
Taxation charged
51,415
45,667
Finance costs
11,263
10,425
Investment income
(1)
(130)
(Gain)/loss on disposal of tangible fixed assets
(5,875)
2,965
Amortisation and impairment of intangible assets
338
1,286
Depreciation and impairment of tangible fixed assets
190,479
143,525
Movements in working capital:
(Increase)/decrease in stocks
(433,978)
155,628
(Increase)/decrease in debtors
(504,757)
464,309
Increase in creditors
612,037
754,077
(Decrease)/increase in deferred income
(1,965)
8,202
Cash generated from operations
207,362
1,794,776
2022-03-31
2021-04-01
false
CCH Software
CCH Accounts Production 2022.200
Mr S T Wright
Mr A Donkersley
Mr M R Yates
Mr R Oldale
Mr S T Wright
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bus:FullAccounts
2021-04-01
2022-03-31
xbrli:pure
xbrli:shares
iso4217:GBP