Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
COMPANY INFORMATION
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WHITE CLARKE TECHNOLOGIES LIMITED
CONTENTS
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WHITE CLARKE TECHNOLOGIES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
This is the strategic report for White Clarke Technologies Ltd, incorporating Nexus Business Solutions Group Ltd, and its subsidiary companies (together "the Group") for the year ended 31st December 2022. The currency is GB£ and the rounding is to the nearest £1,000. The Group is a global service provider to the automotive industry and its principal activities are the provision of IT systems, managed programs, HR solutions, vehicle hire and consultancy services.
Consolidated Sales were over Budget at £17,237k, £2,627k over 2021 generating a gross profit £6.1 million and an Operating Profit £2.2 million.
This performance enhancement on previous year was directly a consequence of Rental Auto market with affected OEM client production areas due to the Coronavirus pandemic and thus impacting the Group’s operations mainly in UK market. On all other markets attentive and continuous review of costs and existing business is priority for Directors in this challenging economic market and when taking account of the challenges faced in all areas of the business, this delivery of performance generating a positive cashflow represented excellent management of the business in the most testing circumstances.
Regional insight
Our continued focus on North America is appropriate as size and dynamics outpace the rest of the world. Nexus’ operations in the US are recognised for consistently delivering record results for clients despite budget and resource constraints. The UK automotive operations serving OEMs were tempered by the Coronavirus pandemic but rental support programmes, notably for Ford and Kia, have remained busy and at times overachieving as an essential service. Nexus Computer Systems was fully engaged in developing software for clients as well as providing the robust infrastructure for the Group’s IT operations and integrity. The UK Aftermarket team sustaining the web-based data and dealer services technology remained busy supporting OEM programmes in Australia and New Zealand. Ford, Mercedes, BMW and Honda were sustained due to good client relationship on a market heavily affected by Coronavirus pandemic and economic constraints.
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WHITE CLARKE TECHNOLOGIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Fast and significant actions taken to protect the global business by combining prudent economics and bank support with government initiatives in each global region enabled the Group to ride out the pandemic and to be in a strong position to respond quickly to a resurgence of national economies and clients’ focus on rebuilding and improving business activity in 2023. The Group’s operations in each region continue to receive concentrated attention in the four disciplines of HR, IT, Finance and Operations.
Uncertainty of timing and profitability on future contracts The Group’s future performance and development will comprise two parts in which the development of existing business based on markets reopening will be augmented by new business support initiatives leveraging fully developed software platforms serving OEM’s commercial and retail customers as well as their dealer networks. We expect to benefit significantly when large corporations in our sector leverage established service providers to help them to gear-up quickly to serve resurgent markets from mid-2023. We have no reason to believe the economics in price and sustainability over many years will be compromised. Regulatory Change Huge advances in in-car telematics allied to vehicle electrification are major influencers in new legislation that impacts corporate decision making when focused on vehicle fleet acquisition and management policies. Ever more stringent legislation directs attention to operating newer vehicles for shorter periods, which benefits our focus on the Fleet sector and particularly the emerging mobility mechanisms founded on subscription services and rental payments rather than acquisition financing. We are increasingly engaged in providing innovative IT solutions at the centre of expansive management programs that provide the group with greater security and higher yield. Credit risk The profile of the Group’s client base results in a very low level of risk. Continuous attention and proactive application of sophisticated credit management disciplines integrated with our clients’ systems ensures predictable and timely payment regimes against minimal exposure. Financial risk management The Group is financed by working capital from retained profit, banking facilities backed by secure debtors and loans from related parties. The Group has no interest-bearing debt from financial institutions or complex financial instruments. The management protocols are centralised on the UK and coordinated with management in each global region. During the Coronavirus Pandemic our concentration on minimising outgoings of every type protected a net inflow of funds. Therefore, our financial status as we emerge from the global pandemic is, in fact, even more robust than at the outset.
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WHITE CLARKE TECHNOLOGIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
In the prevailing circumstances and economic uncertainty, the single most important KPI continues to be effective cashflow management and maintaining adequate liquid reserves to sustain the business and facilitate concentration on good quality business generation predicated on viable margins.
The directors intend to further grow the Group and expand its business portfolio in the UK and selected overseas markets.
This report was approved by the board on 29 September 2023 and signed on its behalf.
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WHITE CLARKE TECHNOLOGIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £1,460,000 (2021 - £1,546,000).
The director does not recommend the payment of a dividend (2021: £Nil).
The directors who served during the year were:
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WHITE CLARKE TECHNOLOGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors intend to further grow the Group's business and seek further opportunities for expansion both internationally and in the United Kingdom.
Going concern The group's business activities, together with the factors likely to affect its future development, performance and position, are set out in the strategic report above. The group's financial position and cash flows are also set out there. The directors believe that the group is well placed to manage its business risks despite the global uncertain economic climate due to COVID-19. This is due to the group having sufficient financial resources, and due to the nature of the operations largely not being impacted due to COVID-19. The directors believe that the group has adequate resources to continue in operational existence for the foreseeable future.
Information on the business review, risks and uncertainties and the group's key performance indicators are included in the Strategic Report
There have been no significant events affecting the Group since the year end.
The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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WHITE CLARKE TECHNOLOGIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE CLARKE TECHNOLOGIES LIMITED
We have audited the financial statements of White Clarke Technologies Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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WHITE CLARKE TECHNOLOGIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE CLARKE TECHNOLOGIES LIMITED (CONTINUED)
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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:
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with the Companies Act and tax regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. 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 revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙Inspecting correspondence with regulators and tax authorities;
∙Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Evaluating management’s controls designed to prevent and detect irregularities;
∙Identifying and testing journals, in particular journal entries posted which exhibited certain characteristics which we considered to be possible indicators of fraud or irregularity; and
∙Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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WHITE CLARKE TECHNOLOGIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE CLARKE TECHNOLOGIES LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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WHITE CLARKE TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 03738824
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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WHITE CLARKE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 03738824
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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WHITE CLARKE TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
White Clarke Technologies Limited, is a private company limited by shares and incorporated in the United Kingdom, with registration number 03738824. The company's registered office is 10 Queen Street Place, London EC4R 1AG. The company's principal place of business is White Clarke House, Woodlands Business Park, Linford Wood, Milton Keynes, MK14 6FG. The Group is a global service provider to the automotive industry and its principal activities are the provision of IT systems, managed programs, HR solutions, Vehicle hire and consultancy services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis as the Directors consider the Group to be a going concern based on its financial position. The Directors have also reviewed and assessed cash flow forecasts and budgets for the next 12 months which they consider to appropriately summarise expected cash flows and forecast trading in the next 12 months.
The Directors' going concern assessment has also considered the Group's liquidity and continued availability of finance facilities, including those provided by third parties and the loan provided by a shareholder. The Shareholder Loan was structured to be repaid back in full by December 2023 and was repaid in the summer of 2023. Therefore, having considered the Group's financial position, its trading results in the year, cash flow and trading forecasts for at least the next 12 months, the economic environment, industries in which the group operates, expectations of the availability of finance and other relevant matters the Directors consider it appropriate to prepare the financial statement going concern basis. vehicles and consultancy services. Revenue from managed programs is recognised monthly as the service is delivered in accordance with the service agreement. Revenue from the other services provided is recognised when the group has performed its obligations, and to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue from vehicle hire is recognised in accordance with the hire period and deferred or accrued as necessary.
Goodwill: Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of ten years.
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
Depreciation is provided on the following basis:
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of turnover by country of destination:
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
During the preparation of the 2022 financial statements of the group's associate, Black Rabbit Properties LLP, it was noted that the LLP had presented the revaluation gain on its investment properties for the year ended 31 December 2021 through its reserves. As a consequence White Clarke Technologies Limited ("WCT") did not recognise its full allocated share of the LLP's profits within its 2021 financial statements. Accordingly in the company's financial statements, the income due from fixed asset investments for the year ended 31 December 2021 has been restated and increased by £578,125 being WCT's share of the revaluation gain for the year ended 31 December 2021.
The review of the accounting for the balance due from the associate also noted that historic impairments of the accrued income balance occuring before 1 January 2021 had not been recognised. Accordingly a charge of £699,836 has been recognised as a prior year adjustment as at 1 January 2021. This adjustment has reduced accrued income and retained reserves as at 1 January 2021 by £699,836.
During the review of the income received from the LLP it was noted that within the group income statement, the share of income from the LLP had been classified as income due from fixed asset investments, when, as equity accounted, the income is the group's share of income of the associate. Accordingly the income has been reclassified.
The Group operates defined contributions pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. At the year end £10,002 (2021: £18,122) was included in other creditors.
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WHITE CLARKE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
In the opinion of the directors E D White, and M Clarke are the the controlling parties.
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