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Registered number: 03738824










WHITE CLARKE TECHNOLOGIES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
COMPANY INFORMATION


Directors
E D White 
S Clarke 




Company secretary
E D White



Registered number
03738824



Registered office
10 Queen Street Place

London

EC4R 1AG




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
WHITE CLARKE TECHNOLOGIES LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 8
Consolidated Statement of Comprehensive Income
 
 
9
Consolidated Statement of Financial Position
 
 
10
Company Statement of Financial Position
 
 
11
Consolidated Statement of Changes in Equity
 
 
12
Company Statement of Changes in Equity
 
 
13
Consolidated Statement of Cash Flows
 
 
14 - 15
Consolidated Analysis of Net Debt
 
 
16
Notes to the Financial Statements
 
 
17 - 32


 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
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.

Business review
 
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. 

Page 1

 
WHITE CLARKE TECHNOLOGIES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Principal risks and uncertainties
 
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.   

Page 2

 
WHITE CLARKE TECHNOLOGIES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Financial key performance indicators
 
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.



___________________________
E D White
Director

Page 3

 
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.

Directors' responsibilities statement

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 2006They 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.

Principal activity

The principal activity of the Company is information technology consultancy. 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 and consultancy services.

Results and dividends

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). 

Directors

The directors who served during the year were:

E D White 
S Clarke 

Page 4

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Future developments

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.

Matters covered in the Group Strategic Report

Information on the business review, risks and uncertainties and the group's key performance indicators are included in the Strategic Report

Disclosure of information to auditors

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHaysmacintyre LLPwill 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.
 





E D White
Director

Date: 29 September 2023

Page 5

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE CLARKE TECHNOLOGIES LIMITED
 

Opinion
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 policiesThe 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 of the parent Company's affairs as at 31 December 2022 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 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.

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 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.

Other information
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.

Opinion on other matters prescribed by the Companies Act 2006
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.

Page 6

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE CLARKE TECHNOLOGIES LIMITED (CONTINUED)


Matters on which we are required to report by exception
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:
 
 
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 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.

Page 7

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE CLARKE TECHNOLOGIES LIMITED (CONTINUED)


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 2006Our 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.


Tom Stock (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

30 September 2023
Page 8

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

As restated
2022
2021
Note
£000
£000

  

Turnover
 4 
17,237
14,610

Cost of sales
  
(11,148)
(9,801)

Gross profit
  
6,089
4,809

Administrative expenses
  
(3,916)
(3,291)

Other operating income
  
29
-

Operating profit
 5 
2,202
1,518

Share of income from associates
 14 
197
831

Interest payable and similar expenses
 9 
(92)
(102)

Profit before taxation
  
2,307
2,247

Tax on profit
 10 
(588)
(89)

Profit for the financial year
  
1,719
2,158

  

Currency translation differences
  
(543)
173

Other comprehensive income for the year
  
(543)
173

Total comprehensive income for the year
  
1,176
2,331

Profit for the year attributable to:
  

Non-controlling interests
  
80
34

Owners of the parent Company
  
1,639
2,124

  
1,719
2,158

The notes on pages 17 to 32 form part of these financial statements.

Page 9

 
WHITE CLARKE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 03738824

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£000
£000

Fixed assets
  

Intangible assets
 12 
24
58

Tangible assets
 13 
63
42

Investments
 14 
1
1

  
88
101

Current assets
  

Debtors
 15 
8,423
7,578

Cash at bank and in hand
 16 
5,757
3,694

  
14,180
11,272

Creditors: amounts falling due within one year
 17 
(6,044)
(5,010)

Net current assets
  
 
 
8,136
 
 
6,262

Total assets less current liabilities
  
8,224
6,363

Provisions for liabilities
  

Deferred tax
  
-
(1)

  
 
 
-
 
 
(1)

Net assets
  
8,224
6,362


Capital and reserves
  

Profit and loss account
 20 
8,018
6,236

Equity attributable to owners of the parent Company
  
8,018
6,236

Non-controlling interests
  
206
126

  
8,224
6,362


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2023.

___________________________
E D White
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 
WHITE CLARKE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 03738824

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£000
£000

Fixed assets
  

Investments
 14 
948
948

  
948
948

Current assets
  

Debtors
 15 
3,426
4,404

Cash at bank and in hand
 16 
117
342

  
3,543
4,746

Creditors: amounts falling due within one year
 17 
(1,322)
(2,329)

Net current assets
  
 
 
2,221
 
 
2,417

Total assets less current liabilities
  
3,169
3,365

  

  

Net assets
  
3,169
3,365


Capital and reserves
  

Profit and loss account brought forward
  
3,364
2,471

Profit for the year
  
205
894

Other changes in the profit and loss account

  

(400)
-

Profit and loss account carried forward
  
3,169
3,365

  
3,169
3,365


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2023.


___________________________
E D White
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 11

 
WHITE CLARKE TECHNOLOGIES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£000
£000
£000
£000


At 1 January 2021 (as previously stated)
4,985
4,985
92
5,077

Prior year adjustment - See Note 21
(700)
(700)
-
(700)


At 1 January 2021 (as restated)
4,285
4,285
92
4,377


Comprehensive income for the year

Profit for the year
2,124
2,124
34
2,158

Currency translation differences
(173)
(173)
-
(173)


Other comprehensive income for the year
(173)
(173)
-
(173)


Total comprehensive income for the year
1,951
1,951
34
1,985


Total transactions with owners
-
-
-
-



At 1 January 2022 (as previously stated)
6,358
6,358
126
6,484

Prior year adjustments - See Note 21
(122)
(122)
-
(122)


At 1 January 2022 (as restated)
6,236
6,236
126
6,362


Comprehensive income for the year

Profit for the year
1,639
1,639
80
1,719

Currency translation differences
543
543
-
543


Other comprehensive income for the year
543
543
-
543


Total comprehensive income for the year
2,182
2,182
80
2,262


Contributions by and distributions to owners

Dividends: Equity capital
(400)
(400)
-
(400)


Total transactions with owners
(400)
(400)
-
(400)


At 31 December 2022
8,018
8,018
206
8,224


The notes on pages 17 to 32 form part of these financial statements.

Page 12

 
WHITE CLARKE TECHNOLOGIES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2021 (as previously stated)
-
3,170
3,170

Prior year adjustment - See Note 21
-
(700)
(700)


At 1 January 2021 (as restated)
-
2,470
2,470


Comprehensive income for the year

Profit for the year as restated
-
894
894



At 1 January 2022 (as previously stated)
-
3,486
3,486

Prior year adjustments - See Note 21
-
(122)
(122)


At 1 January 2022 (as restated)
-
3,364
3,364


Comprehensive income for the year

Profit for the year
-
205
205

Dividends: Equity capital
-
(400)
(400)


At 31 December 2022
-
3,169
3,169


The notes on pages 17 to 32 form part of these financial statements.

Page 13

 
WHITE CLARKE TECHNOLOGIES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

As restated
2022
2021
£000
£000

Cash flows from operating activities

Profit for the financial year
1,719
2,158

Adjustments for:

Amortisation of intangible assets
12
12

Depreciation of tangible assets
60
71

Impairments of fixed assets
22
-

Interest paid
92
102

Income from investments
(197)
(831)

Taxation charge
588
(89)

(Increase) in debtors
(1,196)
(1,772)

Increase in creditors
824
1,012

Corporation tax (paid)/received
(29)
-

Foreign exchange movements
543
(173)

Net cash generated from operating activities

2,438
490


Cash flows from investing activities

Purchase of tangible fixed assets
(80)
(78)

Income from investments in related companies
197
253

Net cash from investing activities

117
175

Cash flows from financing activities

Dividends paid
(400)
-

Interest paid
(92)
(102)

Net cash used in financing activities
(492)
(102)

Net increase in cash and cash equivalents
2,063
563

Cash and cash equivalents at beginning of year
3,694
3,131

Cash and cash equivalents at the end of year
5,757
3,694


Cash and cash equivalents at the end of year comprise:
Page 14

 
WHITE CLARKE TECHNOLOGIES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

As restated

2022
2021

£000
£000



Cash at bank and in hand
5,757
3,694

5,757
3,694


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 
WHITE CLARKE TECHNOLOGIES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022




At 1 January 2022
Cash flows
At 31 December 2022
£000

£000

£000

Cash at bank and in hand

3,694

2,063

5,757

Debt due within 1 year

(1,972)

986

(986)


1,722
3,049
4,771

The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Basis of consolidation

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.

 
2.3

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
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.

Page 17

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Going concern

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.

 
2.5

Revenue

Revenue is recognised from the Group's activities including the provision of IT systems, managed programs, HR solutions Vehicle hire and consultancy services. Revenue 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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.  

Revenue is recognised from the group's activities including of IT systems, managed programs, HR solutions, hire of
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.

 
2.6

Intangible assets

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.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
Tangible fixed assets (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:

Fixtures and fittings
-
25% reducing balance
Office equipment
-
33.33% straight line
Computer equipment
-
33.33% to 50% straight line

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.  In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Financial instruments

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

 
2.13

Creditors

Short term creditors are measured at the transaction price. 

Page 19

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 20

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.20

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The directors do not consider there to be any material estimates and judgements applicable to the financial statements aside from estimated provisions against doubtful debtors.  

Page 21

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Turnover



An analysis of turnover by class of business is as follows:


2022
2021
£000
£000

Programme, people and consultancy fees
15,168
13,495

Vehicle hire
2,069
1,115

17,237
14,610


Analysis of turnover by country of destination:

2022
2021
£000
£000

United Kingdom
4,978
3,701

Rest of Europe
-
188

Rest of the world
12,259
10,722

17,237
14,611



5.


Operating profit

The operating profit is stated after charging:

2022
2021
£000
£000

Exchange differences
10
41

Other operating lease rentals
8
15


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2022
2021
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
94
85

Page 22

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

.


Fees payable to the Group's auditor and associates in respect of:

2022
2021
£000
£000



Taxation compliance services
18
15

All other services
6
4

Other tax services
41
-

65
19


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2022
2021
2022
2021
£000
£000
£000
£000


Wages and salaries
8,575
6,236
290
332

Social security costs
852
475
37
50

Cost of defined contribution scheme
135
68
7
7

9,562
6,779
334
389


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2022
        2021
        2022
        2021
            No.
            No.
            No.
            No.









121
195
3
3


8.


Directors' remuneration

2022
2021
£000
£000

Directors' emoluments
124
161

124
161


Page 23

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Interest payable and similar expenses

2022
2021
£000
£000


Bank interest payable
1
1

Other loan interest payable
91
101

92
102


10.


Taxation


2022
2021
£000
£000

Corporation tax


Current tax on profits for the year
579
89

Adjustments in respect of previous periods
9
-


588
89


Total current tax
588
89

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
588
89
Page 24

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£000
£000


Profit on ordinary activities before tax
2,307
1,672


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
438
318

Effects of:


Non-tax deductible amortisation of goodwill and impairment
2
7

Expenses not deductible for tax purpose
11
45

Higher rate taxes on overseas earnings
143
-

Adjustments to tax charge in respect of prior periods
(9)
(91)

Non-taxable income
8
(199)

Fixed asset differences
(3)
(1)

Changes in deferred tax rates
2
(2)

Deferred tax not recognised
(4)
12

Total tax charge for the year
588
89


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Parent company profit for the year

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 £205,000 (2021 - £894,000).

Page 25

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Intangible assets

Group





Software
Goodwill
Total

£000
£000
£000



Cost


At 1 January 2022
22
459
481



At 31 December 2022

22
459
481



Amortisation


At 1 January 2022
-
423
423


Charge for the year on owned assets
-
12
12


Impairment charge
22
-
22



At 31 December 2022

22
435
457



Net book value



At 31 December 2022
-
24
24



At 31 December 2021
22
36
58



Page 26

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2022
142
106
10
111
369


Additions
-
28
9
43
80



At 31 December 2022

142
134
19
154
449



Depreciation


At 1 January 2022
135
75
5
111
326


Charge for the year on owned assets
2
13
2
43
60



At 31 December 2022

137
88
7
154
386



Net book value



At 31 December 2022
5
46
12
-
63



At 31 December 2021
6
31
5
-
42


14.


Fixed asset investments

Group





Investments in associates

£000



Cost or valuation


At 1 January 2022
1


Transfers intra group
(197)


Share of profit/(loss)
197



At 31 December 2022
1




Page 27

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Company





Investments in subsidiary companies
Investments in associates
Total

£000
£000
£000



Cost or valuation


At 1 January 2022
947
1
948



At 31 December 2022
947
1
948





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Latimer Solutions Group Limited
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Holding Company
Ordinary
100%
Nexus Business Solutions Group Limited*
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Outsourcing Services
Ordinary
96%
Nexus Aftermarket Limited*
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Aftersales Services
Ordinary
100%
Nexus Computer Systems Limited*
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Systems & Development
Ordinary
100%
Nexus Mobility Solutions Limited*
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Vehicle hire
Ordinary
100%
Woburn Consulting Group Limited
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Holding Company
Ordinary
100%
Woburn Consulting Limited*
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Holding Company
Ordinary
100%
Nexus Aftermarket Pty*
Level 15, 101 Miller Street, North Sydney, NSW 2060, Australia
Automotive services
Ordinary
100%
Nexus Business Solutions LLC*
Liberty Center, Suite 200, 100 West Big Beaver, Troy, Michigan 48084, United States
Automotive Services
Ordinary
100%
Nexus Business Solutions (Pty) Ltd*
22 Wellington Road, Parktown, Gauteng, 2193, South Africa
Automotive services
Ordinary
100%
Nexus Business Solutions (Canada) Corp*
925 Georgia St W, V6C 3L2 Vancouver , British Columbia - Canada
Automotive services
Ordinary
100%
E.D White & Co Ltd
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Dormant
Ordinary
100%
White Clark Automotive Solutions Ltd*
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Dormant
Ordinary
100%
Nexus Rental Services Limited*
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Dormant
Ordinary
100%
Active Fleet Limited*
10 Queen Street Place, London, EC4R 1AG, United Kingdom
Dormant
Ordinary
100%

* - Indirectly held

Page 28

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Debtors

Group

Group
As restated
Company
Company
As restated
2022
2021
2022
2021
£000
£000
£000
£000



Trade debtors
4,476
2,808
80
323

Amounts owed by group undertakings
-
1
973
1,656

Other debtors
191
374
34
-

Called up share capital not paid
2
2
-
-

Prepayments and accrued income
3,702
4,142
2,339
2,425

Tax recoverable
-
206
-
-

Deferred taxation
52
45
-
-

8,423
7,578
3,426
4,404



16.


Cash and cash equivalents

Group
Group
Company
Company
2022
2021
2022
2021
£000
£000
£000
£000

Cash at bank and in hand
5,757
3,694
117
342

5,757
3,694
117
342



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£000
£000
£000
£000

Trade creditors
2,157
1,122
119
108

Amounts owed to group undertakings
-
-
32
32

Corporation tax
260
53
53
53

Other taxation and social security
480
295
34
78

Other creditors
1,330
1,989
1,021
1,974

Accruals and deferred income
1,817
1,551
63
84

6,044
5,010
1,322
2,329


Page 29

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


Deferred taxation


Group



2022


£000






At beginning of year
44


Charged to profit or loss
8



At end of year
52




The deferred tax asset is made up as follows:

Group
Group
2022
2021
£000
£000

Accelerated capital allowances
52
45

52
45


19.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares shares of £1.00 each
100
100



20.


Reserves

Profit and loss account

The profit and loss account contains all retained profits since incorporation less dividends paid. 

Page 30

 
WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

21.


Prior year adjustments

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. 


22.


Pension commitments

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. 


23.


Commitments under operating leases

At 31 December 2022 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2022
2021
£000
£000

Not later than 1 year
47
32

Later than 1 year and not later than 5 years
15
3

62
35


24.


Related party transactions

The Company's other investment is an investment in Black Rabbit Properties LLP, a limited liability partnership in which E D White and the Company are members. During the year the Group accrued its share of profits in the LLP for the period totaling £197,202 (2021: £830,865). As at the year end £2,515,653 (2021: £2,515,653) accumulated allocated profits are due from Black Rabbit Properties LLP and is included in accrued income.

Included in Other creditors is a balance of £10,000 due to a company controled by E D White.
Included within creditors is a loan totaling £986,080 (2021: £1,972,160) due to E D White. The loan is repayable on demand and attracts monthly interest charged at 4% plus the base rate. Interest of £90,578 was charged in the year. 

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WHITE CLARKE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

25.


Controlling party

In the opinion of the directors E D White, and M Clarke are the the controlling parties.

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